Ethereum Price Nears Breakdown Support, Can Bulls Save The Day?

Ethereum extended its decline below the $1,240 support against the US Dollar. ETH remains at a risk of more losses below the $1,220 support in the near term.Ethereum remained in a bearish zone and traded below the $1,240 support.
The price is now trading below $1,250 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $1,245 on the hourly chart of ETH/USD (data feed via Kraken).
The pair remains at a risk of a downside break below the $1,220 s