Technically, the 2-hour chart indicators are recovering from the oversold levels in the bearish territory.
Ether Price Analysis
After trading as low as $194.68, ETH/USD corrected higher. However, the pair failed to gain momentum above the $200.00 resistance and started a fresh decline. It broke the last low and traded to a new weekly low at $187.00.
Similarly, ETH/BTC failed to recover and broke the key support at 0.0320BTC. The pair is currently trading above 0.0310BTC, but there is a risk of further slides below the 0.0308BTC level.
Looking at the 30-minute chart of ETH/USD, the pair started a decent rebound from the $187.00 low. It moved above the $190.00 and $195.00 levels, but it struggled to surpass the $200.00 resistance.
It seems there is a key bearish trendline in place, with resistance at $198.00 on the same chart. To recover further, Ether buyers need to clear the trendline, the $200.00 handle, and the $203.00 resistance level. On the downside, an immediate support is at $195.00, below which the price could test the $190.00 level.
Moving up to the 2-hour chart of ETH/USD, the pair carved three green candles after forming the $187.00 low. However, Ether’s price seems to be finding strong offers near the $200.00 level and the 23.6 percent Fibonacci retracement level of the recent drop from the $231.95 high to $187.00 low.
Should the price settle above the $200.00 resistance and gain momentum above $203.00, the next target for buyers could be $210.00 and the 50 percent Fibonacci retracement level of the recent drop.
The short-term price action is positive, but the overall trend is bearish until Ether’s price climbs back above the $200.00 and $210.00 resistance levels.