Technically, the 2-hour chart indicators are slowly recovering in the bearish territory.
Ether Price Analysis
Yesterday, we saw a sharp decline below the important $200.50 support in ETH/USD. The pair traded as low as $194.32 and later started consolidating losses above the $195.00 level.
ETH/BTC continued to trade in a range above the 0.0310BTC support. The pair may soon make the next move either below 0.0310BTC or above 0.0318BTC in the near term.
Looking at the 30-minute chart of ETH/USD, the pair recovered a few points from the $194.32 low. It traded above the $196.00 level but failed to stay above the 23.6 Fibonacci retracement level of the recent drop from the $204.80 swing to $194.32 low.
Ether’s price is currently struggling to break the $197.00 resistance and a bearish trendline on the same chart. Should buyers succeed in pushing the price above $197.50 and $198.00, there could be a test of $200.00.
An intermediate resistance is $199.00 and the 50 Fibonacci retracement level of the recent drop. However, the 2-hour chart of ETH/USD suggests that the previous support near $200.50 is the most important obstacle for buyers.
There is also a major bearish trendline in place with resistance at $203.00. Therefore, recoveries in Ether above the $198.00 level are likely to face heavy selling interest near $199.00, $200.00, and $200.50.
On the downside, an initial support is near $195.00 and a bullish trendline on the 30-minute chart. If sellers regain strength, the price will most likely break the $194.32 low and resume its decline in the coming sessions. The next key support is $192.00, followed by $188.00.