Ethereum Price Plunges, Why ETH Could Soon Dive Below $1,000

Ethereum traded below the $1,150 support against the US Dollar. ETH is gaining bearish momentum and might dive below the $1,000 support zone. Ethereum remained in a bearish zone below the $1,150 and $1,120 support levels. The price is now trading below $1,150 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $1,100 on the hourly chart of ETH/USD (data feed via Kraken). The pair remains at a risk of more losses below $1,050 and $1,000 in the near term. Ethereum Price Turns Red Ethereum price started another decline from the $1,250 resistance, similar to bitcoin. ETH followed a bearish path and settled below the $1,200 pivot level. The bears gained pace for a move below the $1,150 level and the 100 hourly simple moving average. It traded to a new monthly low at $1,078 and is currently consolidating losses. Ether is now trading below $1,150 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,100 level. There is also a key bearish trend line forming with resistance near $1,100 on the hourly chart of ETH/USD. The trend line is close to the 23.6% Fib retracement level of the downward move from the $1,232 swing high to $1,078 low. The next major resistance is near the $1,150 level or the 100 hourly simple moving average. The 50% Fib retracement level of the downward move from the $1,232 swing high to $1,078 low is also near $1,155. Source: ETHUSD on TradingView.com The main resistance is now near $1,200. A clear break above the $1,200 resistance could send the price towards the $1,250 resistance zone. Any more gains might open the doors for a test of the $1,300 resistance zone. More Losses in ETH? If ethereum fails to climb above the $1,155 resistance, it could continue to move down. An initial support on the downside is near the $1,080 level. The next major support is near the $1,000 level, below which ether price may perhaps gain bearish momentum. In the stated scenario, the price could decline towards the $920 support zone in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,080 Major Resistance Level – $1,155