Technically, the 2-hour chart indicators are moving lower in the bearish territory.
Ether Price Analysis
ETH/USD failed to clear the $206.00, $207.00, and $208.00 resistance levels and declined recently. The pair broke the $204.00 support and traded close to the $200.00 handle.
ETH/BTC also faced increased selling pressure and declined toward the 0.0310BTC support. The pair is currently trading at 0.0311BTC, and it seems like buyers are struggling to hold the price above 0.0310BTC.
The 2-hour chart of ETH/USD suggests that the pair followed a bearish structure from the $212.00 resistance zone. It declined below the $210.00 support and recently broke a bullish trendline, with support at $205.00, to enter a bearish zone.
Ether’s price even traded below the $204.00 and $203.00 support levels and formed a new weekly low at $200.87. The price is currently correcting higher, but it is likely to face a heavy selling interest near the $204.00 and $205.00 resistances (previous supports).
Looking at the 30-minute chart of ETH/USD, the pair recovered above $202.00 after trading as low as $200.87. There was also a break above a bearish trendline, with resistance at $202.00.
However, there is a strong resistance formed near $204.00 and another bearish trendline on the same chart. Additionally, the 50 Fibonacci retracement level of the recent decline from the $207.53 high to $200.87 low is also around $204.00.
Therefore, if Ether recovers further, it will most likely face a strong barrier near the $204.00-205.00 zone. To the downside, the $200.00 support zone holds the key. Should there be a daily close below $200.00, the price could decline sharply in the near term.