Bulls could not keep up yesterday’s growth, and most of the coins are back in the red zone.
The rate of Ethereum (ETH) has declined by 0.78% over the last 24 hours.
Despite the fall, Ethereum (ETH) has started the day with a false breakout of the local support level at $1,200. At the moment, the rate is slowly approaching the resistance at $1,210.
If the situation does not change, the rise may lead to a test of the $1,220 zone soon.
On the daily chart, Ethereum (ETH) keeps trading sideways as the rate is far from the key levels. However, if buyers lose the $1,200 area, one can expect a sharp move to $1,100 by the end of the week.
Ethereum (ETH) is trading near the support level formed by the false breakout at $1,155. The selling volume remains high, which means that bears are more powerful than bulls at the moment. Respectively, the more likely scenario is a decline to the important level at $1,000.
Ethereum is trading at $1,207 at press time.