Technically, the 2-hour chart indicators are showing negative signs in the bearish territory.
Ether Price Analysis
Yesterday, ETH/USD failed to break the $206.00 resistance and started a fresh decline. The pair traded below the last swing low at $200.87 and traded to a new weekly low at $200.55.
ETH/BTC continues to trade in a tight range above the 0.0310BTC support. On the upside, an initial resistance is at 0.0315BTC followed by the range resistance at 0.0318BTC.
Looking at the 2-hour chart of ETH/USD, the pair failed to break the $206.00 resistance and a key bearish trendline, with current resistance near $203.00. Ether declined below the $204.00 and $202.00 levels and traded as low as $200.55.
The price found support above the $200.00 level and later started a short-term correction. However, there are many barriers on the upside, starting with the bearish trendline at $203.00. A proper close above the trendline and $205.00 is required for buyers to gain bullish momentum in the near term.
Moving down to the 30-minute chart of ETH/USD, the pair is currently trading above $202.00 and the 38.2 Fibonacci retracement level of the last drop from the $205.71 high to $200.55 low.
To the topside, there is a bearish trendline in place with resistance near $203.00 and the 50 Fibonacci retracement level of the last drop. Should Ether’s price settle above the $203.00 resistance, there could be a rebound toward $205.00 or $206.00.
The current market sentiment is short-term bearish unless Ether buyers succeed in pushing the price above the $203.00, $205.00, and $206.00 resistance levels. If buyers continue to fail, ETH/USD could drop sharply below $200.00.