Technically, the 6-hour chart indicators are currently recovering in the bearish territory.
Ether Price Analysis
Yesterday, ETH/USD tested the all-important $200.00 support area. Later, the pair started a decent recovery and moved above the $204.00 resistance area.
ETH/BTC also stayed above the key 0.0310BTC support, which is a positive zone. The pair is slowly moving higher, but it is still trading well below the 0.0320BTC resistance.
Starting with the 6-hour chart of ETH/USD, the pair found support near $200.00 on two occasions. The recent dip stalled at $200.87 and later the price started an upward move. It seems like the price traded above a bearish trendline with resistance at $204.00.
However, there are many hurdles on the upside near the $209.00 and $210.00 levels. Besides, there is also a bearish trendline with resistance at $209.00, above which the price is likely to gain bullish momentum above the $210.00 resistance.
Dropping down to the 2-hour chart of ETH/USD, the pair climbed higher from the $200.87 low and traded above the $204.00 resistance. However, the upward move found sellers near the $205.00-206.00 zone. Moreover, there is a major bearish trendline in place, with resistance at $206.00.
A successful close above the $206.00 resistance and the 50 Fibonacci retracement level of the recent drop from the $211.85 high to $200.87 low will most likely accelerate gains in Ether in the near term.
On the flip side, if Ether’s price fails to break the $206.00 resistance, there could be a downside reaction. In the mentioned case, ETH/USD may revisit the $201.00 and $200.00 support levels. Overall, as long as the price is above $200.00, there could be more gains above $206.00 and $209.00.