Ethereum is looking to maintain prices above the $1,220 level. This has bene an important level playing into account for both resistance and support. Currently, this level has been providing a lot of support.
Bear pressure seems to be wanting to test this level, but the bulls have come out strong to defend. A break of and close below this level would certainly be leading to a selloff in the short term.
$1,212 is the next support level, with $1,202 being the floor for the short term. A break of these levels establishes new lower lows.
Volume is tapering off, so we're looking to consolidate. Initial path direction is bearish though, so we'd need Bulls to show up and rally.
Happy Friday to everyone and happy trading!
