The stationary hovering characteristic of elliptical orbit was analyzed in two cases in this paper. In the first case, the short-time hovering at the R-bar and V-bar were analyzed by calculating the drift coefficient of the relative acceleration. The approximate uncontrolled hovering region was obtained by computing the variation of the drift coefficient with the orbital elements (semimajor axis, eccentricity, true anomaly). In the second case, the long-time hovering was analyzed by calculating the velocity increment costs in an orbit period using an open-loop controller. Analytical and numerical analysis showed that it is easier for high orbit with low eccentricity to achieve hovering for a long-duration flight. The V-bar hovering (H-bar hovering) is the most energy-saving way when eccentricity is less (more) than 0.65.