Technically, the 12-hour chart indicators are accelerating declines in the bullish territory.
Ether Price Weekly Analysis
During the past three days, there was a slow a steady rebound in ETH/USD from the $190.00 support area. The pair traded above the $200.00 resistance, but it failed to surpass the $202.00-203.00 resistance zone.
More importantly, ETH/BTC extended its range moves above the 0.0310BTC support and below the 0.0318BTC resistance. The current range has been in place for more than two weeks, which could result in a massive break in the coming days.
Let’s start with the 12-hour chart of ETH/USD to understand the recent rebound and failure to break the $203.00 resistance. This past week, the pair declined and tested the $192.00 support area. Later, there was a solid rebound above the $197.50 and $200.00 resistance levels.
Ether also moved above the $202.00 resistance and a major bearish trendline on the same chart. However, the price failed to stay above the trendline resistance, resulting in a false upside break.
It seems like there is a strong resistance formed near $202.00-203.00, above which there is another bearish trendline at $210.00. Therefore, Ether buyers are facing a lot of hurdles near the $202.00, $203.00, $205.00, and $210.00 levels.
Dropping down to the 2-hour chart of ETH/USD, the pair declined recently and broke the $200.00 support plus a bullish trendline at $199.00. In addition, the price broke the 23.6 Fibonacci retracement level of the last wave from the $192.69 low to $202.99 high.
It opened the doors for more losses, and the price may perhaps decline toward $197.50. Should there be more declines in Ether, the price could retest the $195.00 or $192.00 support.
Overall, Ether’s price is preparing for the key break either above $203.00 or below $192.00 in the near term. A bearish break is likely to clear the path for a push toward the $180.00 level.