Ethereum Reverses Trend, Price Remains at Risk
> Ethereum failed to clear the $1,250 resistance against the US Dollar. ETH is declining and remains at a risk of more downsides below the $1,000 support.
Ethereum started a fresh decline after it failed to surpass the $1,250 zone. The price is now trading below $1,200 and the 100 hourly simple moving average.
There is a connecting bearish trend line forming with resistance near $1,095 on the hourly chart. The pair could resume its decline unless it clears $1,150 and $1,200 in the near term.
A clear move above the $1,200 resistance zone may perhaps start a decent upward move. The next major resistance is near the $1,260 level. Any more gains could start a move towards the $1,350 resistance.
If ethereum fails to rise above the $1,200 resistance, it could continue to move down. An initial support on the downside is near the $1,050 zone.
The next major support is near the $1,000 zone. A clear move and break below the $1,000 zone could start a major decline. In the stated case, the price could slide towards the $880 support zone in the near term.
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