TA: Ethereum Price Just Reversed and $1,200 is Imminent, Here’s Why

Ethereum started a major decline from the $1,400 resistance against the US Dollar. ETH is moving lower and might even slide towards the $1,200 level. Ethereum gained bearish momentum below the $1,350 and $1,320 support levels. The price is now trading below $1,300 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support at $1,290 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend its decline towards the $1,220 and $1,200 support levels. Ethereum Price Dips Again Ethereum attempted a decent increase above the $1,350 level. ETH even broke the $1,380, similar to bitcoin. However, the bulls failed to clear the $1,400 resistance zone. A high was formed near $1,399 and the price started a fresh decline. There was a clear move below the $1,350 and $1,320 support levels. There was a clear move below the 76.4% Fib retracement level of the upward move from the $1,269 swing low to $1,399 high. Besides, there was a break below a major bullish trend line with support at $1,290 on the hourly chart of ETH/USD. Ether price is also trading below $1,300 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,290 and $1,300 levels. The next major resistance is near $1,325 level and the 100 hourly SMA. A clear break above $1,325 might start a decent increase towards the $1,380 level. Source: ETHUSD on TradingView.com Any more gai...