Technically, the 2-hour chart indicators are rising higher toward midlines in the bearish territory.
Ether Price Analysis
Yesterday, we discussed that ETH/USD’s market sentiment is short-term bearish unless buyers push the price above the $203.00, $205.00, and $206.00 resistance levels. The pair did trade higher recently, above $206.00, but it quickly trimmed gains.
ETH/BTC remained in a tight range below the 0.0318BTC resistance. It seems like the pair is preparing for a major break, which could be either above 0.0320BTC or below 0.0310BTC.
Starting at the 2-hour chart of ETH/USD, the pair formed a decent support near the $201.00 level and started an upward move. Ether traded higher and broke the $203.00 and $205.00 resistance levels.
There was also a break above the 50 Fibonacci retracement level of the last decline from the $209.50 high to $200.55 low. However, the price failed to hold gains above the $205.00 level and is currently attempting a close above a major bearish trendline, with resistance at $202.50.
It seems like the price was rejected near the 76.4 Fibonacci retracement level of the last decline and the $206.00 resistance zone. Therefore, to regain bullish momentum, the price must settle above the $206.00 resistance.
The 30-minute chart of ETH/USD indicates that the pair jumped sharply above the $202.50-203.00 resistance, but it failed to hold gains. A high was formed at $207.01; later, the price reversed more than 50 percent of the gains.
To the downside, Ether’s price is likely to find support near the previous resistance at $202.50-203.00, below which the $201.00 support could protect declines in the near term.