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Ether stands at the back foot against the US dollar and bitcoin. ETH/USD is still finding it hard to break a monster resistance near $200.00-210.00.

Technically, the hourly chart indicators are moving lower towards their midlines.

Ether Price Extended Consolidation

We recently saw a strong bounce in Ether’s price against the US dollar and bitcoin. The ETH/USD pair traded towards $210.00 and ETH/BTC tested 0.074BTC.

However, buyers failed to capitalize on the bounce and ETH/USD struggled briefly near a crucial resistance of $210.00. Looking at the 4-hour chart, there are two important bearish trendlines positioned near $200.00.

These declining trendlines prevented an upside break on many occasions and there was no H4 close above $200.00. The last 4-5 candle tales are near the trendlines, suggesting the significance of trendlines.

Having said that, the $210.00 resistance is also a major hurdle for buyers. Only a successful close above $200.00 and $210.00 might ignite a rally in the near term. The $210.00 area is also around the 38.2 percent Fibonacci retracement level of the last decline from the $256.08 high to $177.99 low.

Ether Price Analysis Chart

On the downside, the last swing low of $177.99 is a decent support followed by $175.00. Dropping down to the hourly chart of ETH/USD, the pair recently broke a declining triangle pattern at $194.00.

However, there was no major move after the break and the price remained below $200.00. The 50 percent Fibonacci retracement level of the last of the last leg from the $177.99 low to $209.81 high is near $192.00.

A close below $192.00-190.00 could produce a fresh downside move towards $175.00. On the other hand, if Ether gains pace and moves above $200.00, it could result in a sustained upside move. In the meantime, the price may continue to consolidate in an extended range near $190.00.

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