Ether’s price started a short-term rebound against the US dollar and bitcoin. However, ETH/USD is facing a solid hurdle near the $200.00 resistance.
Ether’s price corrected higher and tested the $200.00 resistance against the US dollar.
A crucial resistance zone is formed near $200.00-201.00 on the 2-hour chart of ETH/USD.
ETH/BTC stayed above the 0.0310BTC support as sellers failed to gain momentum.
Technically, the 2-hour chart indicators are moving higher toward midlines in the bearish territory.
Ether Price Analysis
Yesterday, we discussed that ETH/USD remains at risk of more losses below the $195.00 support. The pair did move down, traded as low as $192.69, found a strong buying interest, and finally rebounded sharply.
More importantly, ETH/BTC buyers managed to keep the pair above the 0.0310BTC support. The pair recovered slightly but is facing a lot of barriers near the 0.0315BTC and 0.0316BTC levels.
The 2-hour chart of ETH/USD suggests that there was a sharp bearish reaction toward the $192.00 level. However, sellers failed to gain traction, resulting in a fresh round of buying in Ether. The price rebounded sharply and traded above the $195.00 and $197.50 resistances.
The upward move was strong, but buyers struggled to surpass the $200.00 resistance area and the 50 percent Fibonacci retracement level of the decline from the $207.01 high to $192.69 low.
More importantly, it seems like there is a crucial resistance zone formed near $200.00-201.00 on the same chart. Therefore, Ether’s price must settle above $200.00 and $201.00 to recover further in the near term.
Moving down to the 30-minute chart of ETH/USD, the pair is currently consolidating gains below the $199.00 level. There is a range formed with resistance near $198.50 and support near $197.00. Should Ether correct lower below $197.00, there could be an extended decline toward $195.00.
The overall price action is short-term positive as long as Ether is above $195.00. To the topside, an immediate hurdle is at $198.50, above which buyers are likely to struggle near $200.00 and $201.00.
Important Resistance Levels
$198.50 and $200.00
Important Support Levels
$197.00 and $195.00
The RSI is currently near 45 with a positive angle.
The MACD could move into the bullish zone.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.
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