Technically, the 2-hour chart indicators are gaining momentum in the bearish territory.
Ether Price Analysis
ETH/USD failed to climb higher toward the $215.00 and $220.00 resistances. The pair slowly moved south and struggled to hold the $208.50 and $208.00 support levels.
ETH/BTC is also under pressure and it seems like it could continue to move down below the 0.0310BTC support. The next key support is near the previous low at 0.0303BTC.
Looking at the 30-minute chart of ETH/USD, the pair struggled to move higher above the $212.00 level and started a downward move. Ether sellers succeeded in pushing the price below the $209.00 and $208.50 support levels.
The price tested the last swing low at $207.50 and it is currently trading with a bearish angle. Should Ether settle below the $207.50 low, the price could continue to move down toward the main support at $203.00.
On the upside, an initial resistance is around $209.00 and a bearish trendline on the same chart. However, the key resistance is around $212.00 and another bearish trendline.
The 2-hour chart of ETH/USD is indicating an increase in selling pressure below the $210.00 level. The pair is about to break the recent range support to extend losses toward the next major support at $203.00 and a bullish trendline.
The short term price action is turning bearish below $210.00 and $212.00, but as long as Ether’s price is above the $200.00 handle, it could bounce back. Conversely, if sellers gain strength below the $203.00 and $200.00 support levels, the price will most likely drop sharply toward the $185.00 support.