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Ethereum Reverse Gains, Why ETH Could Dive Below $1K

Ethereum failed to clear the $1,250 resistance against the US Dollar. ETH is declining and remains at a risk of more downsides below the $1,000 support.

Ethereum started a fresh decline after it failed to surpass the $1,250 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 $1,095 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could resume its decline unless it clears $1,150 and $1,200 in the near term.

Ethereum Price Remains At Risk
Ethereum attempted a recovery wave above the $1,200 resistance zone. However, the bears were active near the $1,250 level. A high was formed near $1,256 and the price started a fresh decline.
There was a move below the $1,200 and $1,150 levels. The price even settled below the $1,200 level and the 100 hourly simple moving average. A low was formed near $1,050 and ether is now consolidating losses. An immediate resistance is near the $1,090 level.
There is also a connecting bearish trend line forming with resistance near $1,095 on the hourly chart of ETH/USD. The trend line is near the 23.6% Fib retracement level of the recent drop from the $1,256 swing high to $1,050 low.
The next major resistance is near the $1,150 zone. It is close to the 50% Fib retracement level of the recent drop from the $1,256 swing high to $1,050 low. Any more gains might call for a test of the $1,200 level or the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com
A clear move above the $1,200 resistance zone may perhaps start a decent upward move. The next major resistance is near the $1,260 level. Any more gains could start a move towards the $1,350 resistance.
More Losses in ETH?
If ethereum fails to rise above the $1,200 resistance, it could continue to move down. An initial support on the downside is near the $1,050 zone.
The next major support is near the $1,000 zone. A clear move and break below the $1,000 zone could start a major decline. In the stated case, the price could slide towards the $880 support zone in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,000
Major Resistance Level – $1,200

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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