Technically, the 2-hour chart indicators recently moved into bullish territory.
Ether Price Analysis
During the past three sessions, there was a slow and steady rise in ETH/USD from the $199.00 support. The pair broke the $200.00 and $200.50 resistances, but it failed to clear the $201.20 zone.
ETH/BTC is climbing toward the 0.0315BTC and 0.0316BTC resistance levels. A convincing break above 0.0316BTC is required for a bullish break in the near term.
Starting with the 30-minute chart of ETH/USD, the pair spiked above the $200.00 resistance and traded close to $201.20. Later, there was a downside correction, but dips were supported near the $199.00 level. Finally, there was a fresh upward move and the price settled above the $200.00 pivot level.
Ether traded as high as $201.23 recently and it is currently consolidating around the $200.00 level. On the downside, an initial support is near $200.00, below which there is a connecting bullish trendline at $199.50.
Should Ether fail to stay above the trendline, the price could revisit the $199.00 support. To the topside, a successful close above the $201.20 level could open the doors for more upsides.
The 2-hour chart of ETH/USD indicates that the pair is attempting a close above a major bearish trendline with resistance at $201.00. If buyers succeed, the price is likely to gain bullish momentum toward the $202.50 and $205.00 resistance levels.
On the flip side, a bearish reaction is likely to find support near the $199.00 level or a bullish trendline, with support at $195.00 on the same chart. Overall, the current technical structure is positive as long as Ether’s price is above the $199.00 support level.