Technically, the 2-hour chart indicators are moving higher in the bearish territory.
Ether Price Analysis
In the weekly analysis, we discussed the key support at $207.00 for ETH/USD. The pair remained in a positive zone and slowly recovered above the $210.00 and $212.00 levels.
On the other hand, there were mostly range moves in ETH/BTC around the 0.0330BTC level. The pair needs to climb above 0.0335BTC to start a new upward move toward 0.0350BTC in the near term.
Starting with the 2-hour chart of ETH/USD, the pair retested the $207.00-208.00 support recently and later recovered. It moved above the $212.00 level, but upsides were contained by a crucial bearish trendline, with current resistance at $213.00.
Should Ether surpass the trendline, it could open the gates for more upsides toward the $215.00 and $217.00 resistance levels. To the downside, the most important support awaits at $207.00, below which the price will most likely slide toward the $200.00 handle.
Moving down to the 30-minute chart of ETH/USD, the pair is showing positive signs above the $210.50 support, a bullish trendline, and the 50 percent Fibonacci retracement level of the recent upside from the $208.23 low to $213.15 high.
To rebound further, the price must break the $213.00 resistance and a short-term bearish trendline on the same chart. On the flip side, a decisive break below $210.50 may push the price toward the $208.00 support.
To sum up, the 2-hour chart suggests that Ether’s price is preparing for the next break either above the $213.00 resistance or below the $207.00 support in the coming sessions. An upside break above $213.00 could lift the market sentiment for further gains toward $217.00. Conversely, a downside break below $207.00 might put sellers in control.