Technically, the 6-hour chart indicators are showing negative signs in the bearish territory.
Ether Price Analysis
Yesterday, we discussed that ETH/USD could test the key support near $200.00-203.00 region. The pair did move down, tested the $200.00 support, and formed an intraday low at $201.59.
ETH/BTC slowly moved down toward the 0.0310BTC support. The pair seems to be struggling to recover, suggesting an increase in selling pressure for a break below the 0.0310BTC support.
Starting with the 2-hour chart of ETH/USD, the pair broke a bullish trendline, with support at $209.00 to move into a bearish zone. Ether sellers took control, resulting in further slides toward the $200.00 support area.
The price traded as low as $201.59 and it is currently consolidating losses above $203.00. Should Ether decline below the $203.00 and $200.00 support, the price could move further into a bearish zone.
To the topside, there is a major bearish trendline in place, with current resistance at $210.00. However, the 6-hour chart of ETH/USD indicates that the pair is trading in an important triangle with support around $200.00 and resistance at $205.00.
Therefore, the next key break in Ether could be either above $205.00 or below $200.00. In the bullish scenario, a successful close above $205.00 will most likely lift the market sentiment in favor of buyers.
On the flip side, a daily close below the $200.00 support might push the price toward the $190.00 or $180.00 support. Overall, a decent recovery above the $205.00 resistance followed by a break above the $210.00 barrier is needed for a rebound toward $220.00 and $225.00 in the near term.