Technically, the 12-hour chart indicators are showing recovery signs in the bearish territory.
Ether Price Analysis
This past week, we saw a solid upward move toward the $230.00 and $235.00 resistance levels in ETH/USD. However, the pair failed to gain momentum above $230.00, declined sharply, and finally tested an important support area around $200.00-203.00.
Similarly, ETH/BTC declined recently and tested the 0.0310BTC support area. The pair is currently consolidating losses and slowly recovering toward the 0.0320BTC and 0.0325BTC resistance levels.
Let’s start with the 12-hour chart of ETH/USD to understand the recent rejection near the $230.00 resistance zone. The pair jumped sharply from the $190.00 support and rallied above the $215.00 and $220.00 levels, but it faced a strong barrier near the $230.00 zone.
More importantly, there are two crucial bearish trendlines in place, with resistance at $216.00 and $220.00 on the same chart. The pair is currently correcting higher after testing the $200.00 support area, but the bearish trendlines are likely to prevent further gains.
On the positive side, if Ether buyers gain momentum above $220.00 and break the $230.00 resistance, the price could move sharply higher toward $250.00 or $275.00. Conversely, a failure to clear the $220.00 resistance will most likely increase selling pressure on Ether below the $205.00 and $200.00 supports.
Moving down to the 2-hour chart of ETH/USD, the pair breached a bearish trendline, with resistance at $205.00. However, the upward move was capped by the 23.6 Fibonacci retracement level of the last slide from the $232.25 high to $201.59 low.
Should Ether gain pace above the $208.00 and $210.00 levels, it could rise toward the $216.00 and $220.00 hurdles. On the downside, an immediate support is at $204.00, followed by the all-important $200.00 support area.