Technically, the hourly chart indicators are about to move back into the bullish territory.
Ether Price Analysis
Yesterday, we saw a few bearish moves in ETH/USD below the $212.00 support. The pair declined below the $210.00 support and later found a strong buying interest near the $207.00-208.00 zone.
ETH/BTC started a downside correction recently and traded below the 0.0330BTC level. The pair settled near the 0.0326BTC level and later recovered a few points. Ether is correcting, consolidating near 0.0330BTC, and it may move back up versus bitcoin in the short term.
Looking at the hourly chart of ETH/USD, the pair followed a bearish path from the $223.86 swing high and traded below the $220.00 and $215.00 support levels. The price even traded below the $212.00 and $210.00 supports before buyers appeared near the $207.00-208.00 zone.
The price formed a decent support base near $208.00 and the 50 percent Fibonacci retracement level of the upward move from the $192.69 low to $223.86 high.
Later, Ether’s price started a decent rebound and buyers pushed the price above the $210.00 level and a crucial declining channel on the same chart. The price is currently trading around the $212.00 resistance and the 23.6 percent Fibonacci retracement level of the recent slide from the $223.86 high to $207.92 low.
Should Ether continue to recover, the price may climb toward the $215.00 resistance and the 50 percent Fibonacci retracement level of the recent slide. The 6-hour chart of ETH/USD also indicates that there is a significant hurdle for buyers near the $215.00 and $217.00 levels.
In the short term, it seems like Ether could rebound toward $215.00 and any dip from here is likely to find a solid support near the $210.00 and $208.00 levels.