TA: Ethereum Breakdown Looks like the Real Deal, $1K Is The Key

Ethereum gained pace and traded below $1,150 against the US Dollar. ETH could decline heavily if there is a close below $1,000. Ethereum started a fresh decline below the $1,200 and $1,150 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 $1,145 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to decline if there is a close below the $1,085 level. Ethereum Price Drops Further Ethereum failed to stay above the $1,200 level and moved into a bearish zone. ETH followed a bearish path and declined below the $1,150 support zone. There was a clear move below the 61.8% Fib retracement level of the last key increase from the $1,076 swing low to $1,275 swing high. The price is now trading below $1,150 and the 100 hourly simple moving average. It is also trading below the 76.4% Fib retracement level of the last key increase from the $1,076 swing low to $1,275 swing high. However, there is a key support near the $1,085 level. If ether price stays above $1,085, it could correct higher. An immediate resistance on the upside is near the $1,130 level. The next major resistance is near the $1,150 zone. Besides, there is a key bearish trend line forming with resistance near $1,145 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com The next key barrier is near the $1,200 level, above which the price co...