Ethereum Struggling to Break Above $1,200, Risk of Further Decline.

• Ethereum is struggling to break above the $1,200 mark against the US Dollar.
• There was a break above a key bearish trend line with resistance near $1,195 on the hourly chart of ETH/USD.
• Ethereum is at risk of a larger decline towards the $1,100 level or even $1,000.

Ethereum is currently trading below the $1,200 level against the US Dollar, after a failed attempt to break above the key resistance. The price is now attempting a minor upside correction towards the $1,200 barrier, however, the bears are still active below this level.

There was a break above a key bearish trend line with resistance near $1,195 on the hourly chart of ETH/USD. This triggered a minor upside correction, but the pair remains at a risk of a larger decline towards the $1,100 level or even $1,000.

The first major resistance is near the $1,212 level, which coincides with the 50% Fib retracement level of the key decline from the $1,232 swing high to $1,180 low. A close above the $1,212 level could start a decent upward move, however, the bulls need to gain momentum and strength above the $1,230 resistance.

On the downside, there is a strong support near the $1,180 level. If there is a downside break below $1,180, Ethereum could start a bearish wave towards the $1,100 support zone. The next major support is near the $1,000 level. Any further losses might lead the price towards the $800 and $700 levels.

Overall, Ethereum is still showing bearish signs below $1,200 and it could start a larger decline if there is a downside break below $1,180.

Bitcoin Struggles to Clear $17K, Bearish Pressure Remains

• Bitcoin price is struggling to clear the $17,000 resistance.
• BTC remains at a risk of more downsides below the $16,000 support zone before the year end.
• Bitcoin is showing bearish signs below the $17,000 and $17,200 resistance levels.

The price of Bitcoin has been struggling to break through the $17,000 resistance as it remains at risk of further downside before the end of the year. Bitcoin has been exhibiting bearish signs below the $17,000 and $17,200 resistance levels, trading below $16,700 and the 100 hourly simple moving average.

Recently, a break above a connecting bearish trend line with resistance near $16,610 on the hourly chart of the BTC/USD pair was seen. However, Bitcoin price is now trading back below $16,700 and the 100 hourly simple moving average. On the upside, the immediate resistance is near the $16,650 level. The first major resistance is near the $16,700 zone and the 100 hourly SMA.

Despite several attempts to break through the $17,000 resistance, Bitcoin has been unable to sustain any significant gains. The price has been declining since it reached a local high of $17,988 on November 25th. Since then, there has been a steady downward trend, with a few short-term corrections.

The short-term outlook for Bitcoin remains bearish, as long as it stays below the $17,000 resistance level. If the price fails to break above the resistance level, it could result in further downside towards the $16,000 support zone. On the upside, if Bitcoin is able to break above the resistance level, it could open the doors for further gains and an eventual test of the all-time high of $20,000.

It is important to note that the overall crypto market sentiment is still bullish. Many analysts expect Bitcoin price to end the year strongly, possibly reaching the $20,000 level. However, the next few weeks will be crucial in determining whether or not the bulls can break through the $17,000 resistance and take Bitcoin to new highs.