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Ethereum Is Diving, But It’s Too Early to Say Bulls Have Given Up

Ethereum failed to continue above the $220 resistance and declined below $208 against the US Dollar. ETH price is currently testing $200 and remains at a risk of more losses.

 ▪ Ethereum topped near the $220 level and started a fresh decline.
 ▪ The price is down more than 5% and it is currently closing in towards the $200 support zone.
 ▪ There is a key bearish trend line forming with resistance near $208 on the hourly chart of ETH/USD (data feed via Kraken).
 ▪ The pair is likely to decline toward the $192 support before it might start a strong increase.