Ethereum Price Lacks Momentum Above $1,200: Why Bears Are Comfortable

Ethereum started a fresh decline below the $1,200 zone against the US Dollar. ETH might correct higher, but the bears could remain active near $1,230.Ethereum extended its decline and traded towards the $1,180 support zone.
The price is now trading below $1,200 and the 100 hourly simple moving average.
There is a connecting bearish trend line forming with resistance near $1,200 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could correct higher, but upsides might remain capped n