TA: 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 l...