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The price of Ether is currently trading above yesterday's low against the US dollar. The ETH / USD could correct higher, but the rises remain closed at around $ 199.00 and $ 200.50.
Key points
Ether's price began to consolidate losses above the $ 195.00 level against the US dollar.
ETH / USD is facing a resistance near $ 197.00 and a downtrend on the 30-minute chart.
ETH / BTC swaps over the 0.0310BTC support with some bearish signals.
Technically, the 2-hour chart indicators are slowly recovering in the bearish territory.
Price analysis of the ether
Yesterday we recorded a sharp drop below the major $ 200.50 support in ETH / USD. The pair traded at $ 194.32 and subsequently began to consolidate losses above the $ 195.00 level.
ETH / BTC continued to operate in a range above the 0.0310BTC support. The pair may soon make the next move below 0.0310BTC or above 0.0318BTC in the short term.
Looking at the 30-minute chart of Eth / USD, the pair recovered some points from the minimum of $ 194.32. It traded above the $ 196.00 level but failed to stay above the Fibonacci retracement level of 23.6 from the recent swing decline of $ 204.80 to $ 194.32 below.
The price of Ether is currently struggling to break the resistance of $ 197.00 and a bearish trendline on the same chart. If buyers manage to push the price over $ 197.50 and $ 198.00, there may be a $ 200.00 test.
An intermediate resistance is $ 199.00 and the 50 Fibonacci retracement level of the recent fall. However, the 2-hour chart of Eth / USD suggests that the previous support near $ 200.50 is the most important obstacle for buyers.
There is also a downtrend line in place with resistance at $ 203.00. Therefore, recoveries made on Ether above the $ 198.00 level are subject to strong selling interest near $ 199.00, $ 200.00 and $ 200.50.
On the downside, initial support is close to $ 195.00 and a bullish trendline on the 30-minute chart. If sellers regain strength, the price will most likely break the minimum of $ 194.32 and resume its decline in the next few sessions. The next key support is $ 192.00, followed by $ 188.00.
Important resistance levels
$ 199.00 and $ 200.00
Important support levels
$ 195.00 and $ 192.00
2 hours RSI
The RSI is moving higher towards level 40.
MACD at 2 hours
The MACD is slowly reducing its downward slope.
Aayush spent over seven years as a contributor and observer of the financial markets. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a software engineer by profession and loves blogs.
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