Technically, the hourly chart indicators are about to move into the bullish territory.
Ether Price Analysis
ETH/USD started an upside correction after trading as low as $187.00. The pair moved above the $195.00 pivot level and is currently attempting to surpass the $200.00 resistance.
ETH/BTC remained in a bearish zone below the 0.0320BTC level. It may continue to consolidate in the short term before the next move either above 0.0320BTC or below 0.0310BTC.
Staring with the hourly chart of ETH/USD, the pair moved above the $190.00 and $195.00 resistances. However, two important bearish trendlines, with current resistance near $199.00-200.00 are acting as a solid hurdle for buyers.
Should the price break the $200.00 resistance, there could be an extended upside correction toward the $203.00 or $210.00 resistance levels. On the flip side, if there is a downside break below the $195.00 support, sellers are likely to push the price back toward the $190.00 and $187.00 levels.
Moving up to the 6-hour chart of ETH/USD, the current price action indicates a positive correction above $195.00. However, a break above $200.00, $203.00, and the 23.6 percent Fibonacci retracement level of the last drop from the $238.59 high to $187.00 low is a must for a larger upward move.
To the topside, the main downtrend resistance is near the $210.00 level (the previous support). Additionally, the price is likely to face a strong selling interest near the $215.00 level.
Overall, Ether’s price could correct higher in the short term, but there are many key barriers near the $203.00 and $210.00 levels. The main supports on the downside are at $195.00 and $190.00.