Technically, the 2-hour chart indicators are currently near midlines in the bullish territory.
Ether Price Analysis
During the past three sessions, there were a few bearish moves in ETH/USD below the $220.00 level. The pair extended the recent downside correction and traded below the $217.00 and $215.00 supports.
ETH/BTC also declined a few points and is currently struggling to stay above the 0.0330BTC level. It seems like the pair may slide toward the 0.0325BTC support, where buyers are likely to emerge.
Starting with the 2-hour chart of ETH/USD, the pair declined below the $217.00 support and a key bullish trendline. Sellers were successful in pushing the price below the $215.00 support and the 23.6 percent Fibonacci retracement level of the last upside from the $198.74 low to $223.86 high.
Ether traded as low as $213.74 and is currently consolidating near $215.00. On the downside, there are a few supports such as $213.00, $210.00, and the 50 percent Fibonacci retracement level of the last upside.
Should sellers push the price below the $210.00 support, the main support at $207.00 is likely to act as a strong barrier. Moving down to the 30-minute chart of ETH/USD, the pair needs to clear a bearish trendline, with resistance at $217.00, to move into a positive zone.
If Ether’s price settles above $217.00-218.00, buyers are likely to gain bullish momentum. The next major resistance is near the $220.00 level, above which the price may revisit the $223.86 high.
Overall, ETH/USD started a substantial downside correction and is now approaching key supports, including $210.00 and $207.00.