Ether’s price traded to new weekly lows against the US dollar and bitcoin. ETH/USD must hold the $215.00 support to recover in the coming sessions.
- Ether’s price declined below the $220.00 support against the US dollar.
- ETH/USD is trading near a significant support area at $215.00-218.00 on the 6-hour chart.
- ETH/BTC failed to break the 0.0350BTC resistance and declined recently.
Technically, the 2-hour chart indicators are accelerating lower in the bearish territory.
Ether Price Analysis
After a long struggle to settle above the $230.00 and $235.00 resistance levels, ETH/USD reacted to the downside. The pair declined and broke a couple of key supports near $222.00 and $220.00.
ETH/BTC also struggled to gain bullish momentum above 0.0350BTC. The pair moved below 0.0340BTC and could test the next major support at 0.0320BTC in the short term.
Starting with the 6-hour chart of ETH/USD, the pair failed to break the previous important support-turned-resistance at $235.00. During the past few sessions, there was a slow and steady decline from the $238.59 swing high, and the price surpassed the $220.00 support.
There was also a break below the 38.2 percent Fibonacci retracement level of the upward move from the $192.51 low to $238.59 high. Currently, Ether’s price is attempting a close below two crucial bullish trendlines at $215.00.
If sellers succeed in pushing the price below $215.00, there could be more losses toward the $200.00 pivot level. To the topside, there is a bearish trendline in place, with resistance at $230.00 on the same chart.
Dropping down to the 2-hour chart of ETH/USD, the pair is following a declining channel, with current resistance at $225.00. On the downside, the $215.00 support and the 50 percent Fibonacci retracement level of the upward move hold the key for further slides toward the $210.00 and $200.00 levels.
Overall, the bearish recent moves in Ether are indicating an increase in selling pressure below $230.00. To recover, buyers need to keep the price above the $215.00 support.