Technically, the 2-hour chart indicators are slowly moving in the bearish territory.
Ether Price Analysis
During the past few sessions, ETH/USD traded in a range below the $220.00 resistance, with a slight bearish angle. The pair dipped toward the $208.00 support and formed a new intraday low at $207.50.
ETH/BTC traded in a tight range above the 0.0310BTC support. Buyers seem to be facing a lot of obstacles on the upside near the 0.0318BTC and 0.0320BTC, which could result in an extended decline toward 0.0300BTC.
Starting with the 30-minute chart of ETH/USD, the pair recently struggled to settle above the $212.00-213.00 region. Later, there was a downward move and the price broke a bullish trendline at $211.00 and the $210.00 support.
There was a spike below the $208.00-208.50 support and the price traded as low as $207.50. Ether recovered above $208.50 and it is currently consolidating around $210.00. Should there be an upward move above $210.00, the price could test the $213.00 resistance.
An intermediate resistance is the 50 percent Fibonacci retracement level of the recent decline from the $215.26 high to $207.50 low at $211.00.
Moving up to the 2-hour chart of ETH/USD, a solid support is formed near the $200.00 and $203.00 levels. There is also a crucial bullish trendline in place, with support at $200.00 on the same chart.
Therefore, if Ether’s price continues to move down, it is likely to find a strong buying interest above the $200.00 support. To the topside, the key resistance is at $220.00, followed by the $230.00 hurdle.
In the short term, the price action is slightly bearish below $213.00. So, Ether could dip once again before a fresh upward move toward $220.00.