Ethereum declined below the $1,200 zone against the US Dollar. ETH is now at a risk of more losses if it fails to stay above the $1,150 support zone.

  • Ethereum started a fresh decline from the $1,250 and $1,280 levels.
  • 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 $1,200 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline sharply if there is a clear move below the $1,150 support zone.

Ethereum Price Struggles

Ethereum failed to continue higher above the $1,250 and $1,280 resistance levels. ETH formed a high near $1,281 and started a fresh decline.

There was a clear move below the $1,220 and $1,200 support levels. Ether price declined below the 23.6% Fib retracement level of the upward move from the $1,043 swing low to $1,280 high. It is now trading below $1,200 and the 100 hourly simple moving average.

Ether is also consolidating near the 50% Fib retracement level of the upward move from the $1,043 swing low to $1,280 high. An immediate resistance on the upside is near the $1,200 level.

Besides, there is a major bearish trend line forming with resistance near $1,200 on the hourly chart of ETH/USD.  The next major resistance is near the $1,250 zone. A close above the $1,250 resistance zone could start a steady increase. In the stated case, the price could clear the $1,280 resistance.

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,350 level, above which the price could even rise towards the $1,440 resistance level in…


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