Technically, the 12-hour chart indicators are slowly recovering from the oversold region.
Ether Price Weekly Analysis
This past week, ETH/USD declined heavily and broke the all-important $200.00 support. It tested the $185.00-190.00 support area and formed a low at $187.00 before starting a recovery.
ETH/BTC also followed a bearish structure after it was rejected near the 0.0350BTC resistance. The pair broke the 0.0340BTC and 0.0320BTC supports to move into a negative zone. The pair is currently correcting, but the previous supports at 0.0320BTC and 0.0328BTC are likely to prevent gains.
Let’s start with the 12-hour chart of ETH/USD to understand the recent decline toward the $185.00 support. It seems like the pair failed to settle above two important bearish trendlines, with current resistance at $225.00.
Ether’s price declined sharply and broke the $210.00, $203.00, and $200.00 support levels. It found support at $187.00 and is currently rebounding. However, there are many hurdles for buyers near the previous supports, such as $203.00 and $210.00.
To move into a bullish zone, the price must break the $210.00 resistance and then both bearish trendlines at $225.00. Conversely, if Ether struggles to surpass these resistances, there could be a fresh bearish wave toward the $185.00-187.00 support.
Dropping down to the 2-hour chart of ETH/USD, the pair seems to be following a short-term ascending channel, with current resistance at $203.00. A successful close above the channel resistance might push the price toward $210.00.
On the other hand, a downside break below the channel support at $196.00 will most likely resume downtrend. The key supports are at $195.00, $190.00, and $185.00, followed by the last low at $167.73.
Overall, Ether may possibly extend the current recovery above $203.00, but it is likely to face strong offers near the $210.00 level.