Ethereum Price Dives 8%, Why ETH Might Soon Test $1K

Ethereum Price Dives 8%, Why ETH Might Soon Test $1K

Ethereum started another decline below the $1,180 support against the US Dollar. ETH is down over 8% and there is a risk of a move towards the $1,000 support.

Ethereum started a major decline below the $1,180 and $1,170 support levels. The price is now trading below $1,150 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $1,210 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct losses, but there is a risk of more downsides towards $1,000. Ethereum Price Takes Hit

Ethereum price attempted an upside break above the $1,250 resistance, similar to bitcoin. ETH struggled to gain momentum and reacted to the downside below $1,200.

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