Ether’s price is slowly losing steam against the US dollar and bitcoin. ETH/USD must stay above $223.00 to recover toward $230.00 in the near term.
Ether’s price corrected lower and traded toward the $223.00 support against the US dollar.
ETH/USD managed to stay above a crucial bullish trendline, with support at $223.00-225.00 on the 6-hour chart.
ETH/BTC is showing a few bearish signs below the 0.0350BTC resistance.
Technically, the 6-hour chart indicators moved down into bearish territory.
Ether Price Analysis
There were further losses noted in ETH/USD below the $230.00 level. The pair even broke the key $225.00 support and traded as low as $223.51 before recovering a few points.
ETH/BTC did not move much, but there are a few negative signs emerging below 0.0348BTC and 0.0350BTC. If sellers push the pair below 0.0340BTC, there could be a fresh downside correction.
Let’s start with the 6-hour chart of ETH/USD to understand the importance of the $223.00-225.00 support area. The recent decline stopped just around a crucial bullish trendline above $223.00. Ether’s price seems to be struggling to hold the trendline and it remains at a risk of a bearish break below $223.51 and $223.00.
To the topside, the $230.00 resistance and a bearish trendline on the same chart are likely to play key roles in the coming days. The price may soon make a decisive move either above $230.00 or toward $200.00.
Moving down to the 30-minute chart of ETH/USD, the pair started an upside correction after forming a low at $223.51. It traded above the $225.00 level, but the $226.00 level acted as a resistance.
Additionally, there is a major bearish trendline in place along with horizontal resistance at $226.50. A successful break above the trendline is likely to open the doors for a decent recovery toward the $228.00 and $230.00 levels.
Overall, the recent slide in Ether could discourage buyers, and a downside break below the $223.00 support might put sellers back in control.
Important Resistance Levels
$226.50 and $230.00
Important Support Levels
$225.00 and $223.00
The RSI is moving higher toward the 40 level.
The MACD is recovering and reducing its bearish slope.
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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