TA: Ethereum Close Below $1K Could Spark Larger Degree Downtrend

Ethereum is struggling below $1,080 against the US Dollar. ETH could decline heavily if there is a close below the $1,000 support zone. Ethereum remained in a bearish zone below $1,100 and $1,080 levels. The price is now trading below $1,100 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $1,050 on the hourly chart of ETH/USD (data feed via Kraken). The pair could decline again unless there is a clear move above the $1,120 resistance zone. Ethereum Price Remains At Risk Ethereum remained in a bearish zone and retested the $1,000 support zone. ETH formed a base near $1,000 and recently corrected higher. There was a minor recovery wave above the $1,030 and $1,050 level. Ether price climbed above 23.6% Fib retracement level of the key decline from the $1,236 swing high to $997 low. It even attempted an upside break above the $1,100 level but failed. It is now trading below $1,100 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,050 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,060 level. The next major resistance is near the $1,080 zone. The first major hurdle is near the $1,100 zone or the 50% Fib retracement level of the key decline from the $1,236 swing high to $997 low. A close above the $1,120 resistance zone could start a decent increase. Source: ETHUSD on TradingView.com ...