Breaking: Ethereum price tanks below $1,000

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. 

ETH 4-hour chart