Technically, the 2-hour chart indicators retreated from midlines and moved lower in the bearish territory.
Ether Price Analysis
Yesterday, we discussed the importance of the $213.00 resistance for ETH/USD. The pair failed to surpass the $212.00 and $213.00 resistance levels, resulting in a fresh decline.
ETH/BTC also failed to hold gains above the 0.0330BTC support level and started a downside correction. The pair could continue to move down toward the key support at 0.0325BTC.
Starting with the 30-minute chart of ETH/USD, the pair topped around the $213.00 resistance and traded lower. It broke the $210.00 support and traded close to the $208.00 support. A low was formed at $208.14, and later the price corrected higher.
However, the upward move was capped by the $210.00 level (the previous support). More importantly, there is a major declining channel in place, with current resistance at $209.80 on the same chart.
Ether buyers need to push the price above the channel resistance and $210.00 to start a decent rebound. If not, there is a risk of more losses below the recent low and the $208.00 support. The main support on the downside is at $207.00, below which the price will most likely revisit the $200.00 support.
The 2-hour chart indicates a significant breakout pattern, with current resistance near a bearish trendline and $212.00. Therefore, a break above the trendline is a must for a solid upward move above the $215.00 level.
Conversely, if Ether’s price fails to surpass the $212.00 and $213.00 resistances, there could be an extended decline below the $207.00 support in the coming sessions.