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Breaking: Ethereum price tanks below $1,000

Breaking: Ethereum price tanks below $1,000
FXStreet TeamFXStreet TeamFXStreet

Ethereum price has breached a critical area of support over the past few hours, dipping below $1,000. The Fibonacci retracement indicator shows that ETH lacks any significant support levels that could keep prices at bay. For this reason, further selling pressure can trigger another downswing to $900 or even lower. 

The second-largest cryptocurrency by market cap needs to reclaim $1,100 as support to have a change of invalidating the pessimistic outlook. 

Ethereum price chart

ETH 4-hour chart

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FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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