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The price of Ether started a short-term rebound against the US dollar and bitcoin. However, ETH / USD is facing a solid obstacle near the resistance of $ 200.00.
Key points
The price of Ether has corrected itself higher and has tested the resistance of $ 200.00 against the US dollar.
A crucial resistance zone was formed near $ 200.00-2010 on the 2-hour chart of Eth / USD.
ETH / BTC remained above the 0.0310BTC support as sellers failed to gain momentum.
Technically, the 2-hour chart indicators are moving higher towards the midline in the bearish territory.
Price analysis of the ether
Yesterday we discussed that ETH / USD remains at risk of further losses lower than the support of $ 195.00. The pair moved down, traded at $ 192.69, found a strong buying interest and eventually bounced back sharply.
More importantly, ETH / BTC buyers managed to keep the pair above the 0.0310BTC support. The pair has recovered slightly, but is facing many barriers near the 0.0315BTC and 0.0316BTC levels.
The 2-hour chart of the Ethics / USD suggests that there was an abrupt bearish reaction to the $ 192.00 level. However, the sellers failed to get traction, resulting in a new round of purchases on Ether. The price rebounded sharply and outperformed $ 195.00 and $ 197.50.
The upward move was strong, but buyers struggled to beat the $ 200.00 resistance area and Fibonacci's 50% retracement level of the decline from $ 207.01 up to $ 192, 69 below.
More importantly, there seems to be a crucial resistance zone formed near $ 200.00-2010 on the same chart. Therefore, the price of Ether must be higher than $ 200.00 and $ 201.00 to recover further in the short term.
Turning to the 30-minute ETH / USD chart, the pair is consolidating gains below the $ 199.00 level. There is a range of resistance near $ 198.50 and support close to $ 197.00. If Ether corrected below $ 197.00, there may be a sustained decline to $ 195.00.
The global price action is positive in the short term provided that Ether is above $ 195.00. For the top, an immediate hurdle is $ 198.50, above which buyers could touch close to $ 200.00 and $ 201.00.
Important resistance levels
$ 198.50 and $ 200.00
Important support levels
$ 197.00 and $ 195.00
2 hours RSI
The RSI is currently near 45 with a positive angle.
MACD at 2 hours
The MACD could move into the bullish zone.
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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