Ethereum struggled to clear $1,150 and started a fresh decline against the US Dollar. ETH price is currently trading well below the 100 hourly SMA and $1,100.
Ethereum is showing a few bearish signs after getting rejected from the $1,150 resistance zone. The price is now trading well below $1,100 and the 100 hourly simple moving average. There is a key bearish trend line in place with resistance near $1,070 on the hourly chart of ETH/USD (data feed via Kraken). The pair must settle above $1,120 and the 100 hourly SMA to start a fresh rally. Ethereum Price Could Decline Again
Yesterday, we saw a decent recovery wave in bitcoin, ethereum, ripple and other altcoins. ETH price broke the $1,080 and $1,100 resistance levels. It even spiked above the $1,120 level.
However, the bears defended a major resistance zone near $1,150 and the 100 hourly simple moving average. A high was formed near $1,152 before the price