Yesterday, ETH price failed to move above the $1300 level against the US Dollar and moved down. The price traded lower and broke the $1200 support area and the 100 hourly simple moving average. The decline was steady and the price even cleared the $1100 support. It traded as low as $1079 from where an upside recovery was initiated towards $1200. It has moved above the 23.6% Fib retracement level of the last drop from the $1379 high to $1079 low.
However, there are many resistances on the upside around $1200 and the 100 hourly SMA. There are also bearish trend lines forming with resistance at $1170 and $1225 on the hourly chart of ETH/USD. The pair is currently attempting to break the first trend line at $1170. Above $1170, the 38.2% Fib retracement level of the last drop from the $1379 high to $1079 low is around $1193. The most important resistance is around the $1200 level and the 100 hourly SMA.
source :https://www.newsbtc.com/2018/01/12/ethereum-price-technical-analysis-eth-usd-testing-key-support/
