Ethereum price currently down by 2%, will ETH/USD decline again

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.

Richard Newman

Richard is the Editor-in-chief of Bitcoin Journal. He has over 10 years of experience with the news industry mainly handling the editorial cycle.

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