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 Tradi...
