Ethereum showed a lot of promise with its price increasing at a time when bitcoin and other cryptocurrencies were declining, but the overall decline in value of cryptos has taken a toll on ETH as well and its price is down substantially from its recent high.
It was believe that ethereum price will show resistance at $1275, but that didn’t happen considering that the price continued to decline. As of this writing ethereum is trading at $1245 (global average). Though the price declines haven’t stopped, the ETH/USD is showing some signs of recovery and it is likely that there could be some buyers again that could push ETH up.
The currency decline in ETH price takes us towards the $1200 level. A low was formed at $1200.57 from where the price started an upside correction. While ETH could move to $1300 levels again, there are many resistances waiting on the upside around the $1276 and $1300 level. There are two bearish trend lines forming with resistances at $1276 and $1320 on the hourly chart of ETH/USD.
Moreover, the $1300 resistance is near the 100 hourly simple moving average. Therefore, any major upsides may probably find sellers staring $1276 up to $1320. On the downside, the recent low of $1200 is a crucial support.