• 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.