Technically, the hourly chart indicators are slowly moving higher in the bearish territory.
Ether Price Analysis
Yesterday, ETH/USD tested an important support area near $200.00-203.00. Later, the pair started consolidating loses and is currently trading with a positive bias.
ETH/BTC remained confined in a tight range since buyers managed to protect losses below the 0.0310BTC support. As long as the price is above 0.0310BTC, there is a chance for a decent recovery in the near term.
Looking at the hourly chart of ETH/USD, the pair found a strong buying interest near the $200.00-203.00 support. A low was formed at $201.59, and later the price started consolidating in a range, with a bullish angle.
Ether’s price traded higher and broke a bearish trendline with resistance at $204.00 and the 23.6 Fibonacci retracement level of the recent decline from the $211.84 high to $201.59 low. However, the price struggled to settle above the $205.00-206.00 zone.
It seems there is a range forming between $202.00-206.00. Should Ether break the range resistance, it could recover further toward the $210.00 resistance or $211.84 high. An intermediate resistance is the 50 Fibonacci retracement level of the recent decline.
Conversely, a downside break below the range support will most likely increase chances of more losses below the $200.00 support. The 4-hour chart suggests that Ether is heading toward the next break either above $205.00 or below $200.00.
The current technical structure is positive on the hourly chart, indicating a push above the $205.00 and $206.00 levels in the coming sessions. However, if buyers fail to gain bullish momentum above $206.00, there is a risk of a fresh decline.