Ethereum started another decline below $1,200 against the US Dollar. ETH could decline heavily if there is a close below $1,150.
- Ethereum failed to clear the $1,280 resistance zone and declined below $1,200.
- The price is now trading below $1,200 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1,180 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if there is a close below the $1,150 level.
Ethereum Price Takes A Hit
Ethereum attempted an upside break above the $1,275 resistance zone. However, ETH failed to extend gains and started a fresh decline below the $1,220 level.
There was a clear move below the $1,200 level and the 100 hourly simple moving average. Ether price traded below the 50% Fib retracement level of the upward move from the $1,076 swing low to $1,276 high. It is now struggling to stay above the $1,150 support zone.
The price is consolidating near the 61.8% Fib retracement level of the upward move from the $1,076 swing low to $1,276 high. There is also a major bearish trend line forming with resistance near $1,180 on the hourly chart of ETH/USD.
An immediate resistance on the upside is near the $1,175 level. The next major resistance is near the trend line zone and $1,180, above which the price may perhaps rise towards $1,220.
Source: ETHUSD on TradingView.com
The key barrier is still near the $1,280 level, above which the price could gain strength. In the stated case, the price could rise towards the $1,350 resistance zone.
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