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The price of Ether is keeping the key support of $ 200.00 against the US dollar. It is likely that the ETH / USD will rebound if there are no daily closures below $ 200.00.
Key points
The volatility of Ether's prices goes down to multi-year lows compared to the US dollar.
ETH / USD is following a bearish structure, with strong support of $ 200.00 on the 12-hour chart.
ETH / BTC traded in a narrow range above the 0.0310BTC support level.
Technically, the 12-hour chart indicators are flat with neutral signs in bearish territory.
Price analysis of the ether
During the last few days, ETH / USD has been trading in a narrow range with a bearish angle to the $ 200.00 support. The pair is locked in a narrow range of around $ 5.00 over $ 200.00.
Similarly, ETH / BTC remained in a narrow range with supports at 0.0312BTC and 0.0310BTC. On the upside, buyers must clear the resistance levels 0.0318BTC and 0.0320BTC to push the price into a positive zone.
Let's start with the 12-hour chart of Eth / USD to understand last week's prices below the resistance levels $ 210.00 and $ 208.00. The pair fell slowly well past the resistance of $ 220.00 and traded below the $ 208.00 level.
The decline was such that the price was traded close to the $ 200.00 support and stood at a low of $ 200.55. Later, Ether began trading in a narrow band with support for $ 200.00 and resistance around the $ 206.00 level.
At the top, there are two major bearish trends in place with resistance at $ 206.00 and $ 208.00. For Ether buyers a successful break above these trend lines is needed to take control of a rise towards the $ 210.00 and $ 220.00 levels.
Coming down to the 2-hour chart of Eth / USD, the pair appears to be locked in a narrow range above the $ 200.00 support. An initial resistance is close to the $ 204.00 level followed by $ 206.00.
On the downside, there is a strong support formed near the $ 202.00 and $ 201.00 levels. As long as the Ether price is traded above these supports and $ 200.00, it could rebound over $ 204.00 and $ 206.00 in the next few days.
The downside, if ETH / USD is resolved under the support of $ 200.00, there could be more bearish moves towards the $ 190.00 level or the $ 187.00 minimum.
Weekly resistance levels
$ 204.00 and $ 206.00
Weekly support levels
$ 201.00 and $ 200.00
12 hours of CSR
The RSI is currently flat near level 40.
MACD at 12 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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