After nearly 48 hours of bullish run, it seems that Ethereum price surge is taking a back seat for a while with bears come to the fore again with a 2 per cent decline over yesterday.
ETH price managed a decent recovery over the last couple of days from a low of $753 to a high of $1000 in a matter of just few hours. However, a bearish trend could set in again owing to a number of news reports that are flowing regarding regulatory actions being mulled in China, South Korea and some European countries.
Ethereum price struggled at a key resistance line of $1085 and is currently on a downward trend. Yesterday’s recovery was an amazing one with Ethereum price moving from $753 and breaching $1000 levels. It cleared the path for more gains, but the price seems to be struggling to move above the $1070 and $1085 resistance levels.
There is also a major bearish trend line with resistance at $1065 on the hourly chart of ETH/USD. The $1065 resistance level is very crucial for further upsides. More importantly, the 100 hourly simple moving average is positioned near $1085 to act as a key barriers for buyers.
On the downside, an initial support is at $900. However, the current price is slightly bearish below $1065. If the pair fails to move above $1065, it could decline back toward $800.