Ethereum price surge and decline trend gives us two notable resistance values – at $1170 and $1225 – and even in case of bearish trend, the cryptocurrency hasn’t budged a lot.
Ethereum price had a lot of support at $1070 support and subsequently rose past the $1170 mark and as of this writing is trading at $1215 (global average).
ETH price failed to move above the $1300 level against the US Dollar due to strong sell off and traded lower and eventually broke the $1200 support area. The decline was steady and the price even cleared the $1100 support.
It traded as low as $1079 from where an upside recovery was initiated towards $1200. It has moved above the 23.6% Fib retracement level of the last drop from the $1379 high to $1079 low.
However, there are many resistances on the upside around $1200 and the 100 hourly SMA. There are also bearish trend lines forming with resistance at $1170 and $1225 on the hourly chart of ETH/USD. The pair is currently attempting to break the first trend line at $1170. Above $1170, the 38.2% Fib retracement level of the last drop from the $1379 high to $1079 low is around $1193. The most important resistance is around the $1200 level and the 100 hourly SMA.
A proper close above the $1200 level and two bearish trend lines is needed for ETH to move back in the bullish zone. On the downside, the pair has to hold the $1070 low in order to avoid any further losses toward $1020 in the near term.