Technically, the hourly chart indicators are moving lower toward midlines in the bullish territory.
Ether Price Analysis
After settling above the $200.00 resistance, ETH/USD traded further higher. The pair broke the $201.00 resistance and traded toward the $202.50 and $203.00 resistance levels.
ETH/BTC remained above the 0.0312BTC level, and it seems like the pair may continue to move higher toward the 0.0315BTC and 0.0316BTC resistance levels, which are major hurdles for buyers.
Looking at the hourly chart of ETH/USD, the pair climbed higher, with a bullish angle, from the $192.69 low. It broke a few key resistances near the $197.50 and $200.00 levels. Ether traded as high as $203.00 and is currently correcting lower.
The price is testing an important support area above $200.00 and a bullish trendline on the same chart. The 23.6 Fibonacci retracement level of the recent upward move from the $192.69 low to $203.00 high is also around $200.00.
Should Ether buyers fail to defend the $200.00 support area, the price is likely to decline further toward the $197.50 support and the 50 Fibonacci retracement level of the recent upward move.
Moving up to the 6-hour chart of ETH/USD, the pair is currently testing a major confluence area near $201.00-202.00 and two bearish trendlines. A successful 4-hour and 6-hour close above $202.00 is a must to stage a solid upward move in the near term.
Conversely, a failure to close above both bearish trendlines could trigger a fresh decline in Ether’s price. To the downside, the most important support awaits near $195.00, below which sellers will most likely take the price toward a fresh low below $192.69.