Technically, the 6-hour chart indicators are currently hovering near midlines in the bullish territory.
Ether Price Analysis
Yesterday, we discussed that ETH/USD started a major downside correction toward the $210.00 and $207.00 support levels. The pair did extend the recent decline and traded below the $210.00 support.
Similarly, there was a fresh bearish wave in ETH/BTC below the 0.0330BTC support level. The pair could decline toward the 0.0325BTC support, which is likely to act as a strong barrier for sellers.
Starting with the 6-hour chart of ETH/USD, the pair failed to settle above $220.00 and later started a downside correction. It declined below the $218.00, $215.00, and $213.00 support levels to move into a short-term bearish zone.
During the decline, the price also traded below the 23.6 percent Fibonacci retracement level of the recent recovery from the $192.69 low to $223.86 high. However, the price is now approaching a significant support near $207.00 and a bullish trendline on the same chart.
More importantly, the 50 percent Fibonacci retracement level of the recent recovery is close to the $207.00 support. Therefore, Ether buyers are likely to put up a strong fight around the $207.00 and $207.50 supports.
Should sellers succeed in surpassing the $207.00 support, the price could revisit the $200.00 support area. Conversely, if buyers gain control, the price may climb back above the $212.00 and $215.00 resistance levels in the near term.
Dropping down to the 2-hour chart, ETH/USD is following a major declining channel with resistance at $212.00. A successful close above the channel resistance could push the price toward $215.00.
Overall, Ether must hold the $207.00 support and bounce back above $212.00 and $213.00 to move back in a positive zone.