Ether Could Drop to $1,000 or Below, Chart Shows

Ether may drop to $1,000 for the first time in two months, with volatile price swings in the second-largest cryptocurrency ahead of its much-anticipated Merge upgrade.

Ether's tumble from $2,000 in mid-August to the current zone near $1,500 is likely to continue. (AFP)

Ether may drop to $1,000 for the first time in two months, with volatile price swings in the second-largest cryptocurrency ahead of its much-anticipated Merge upgrade. 

Technical indicators on momentum and price trends show that the token's tumble from a peak of about $2,000 in mid-August to the current zone near $1,500 is likely to continue. 

“Ether has broken down below initial support from its 50-day moving average, increasing downside risk with short-term momentum now negative,” said Katie Stockton, co-founder of Fairlead Strategies, who added that “the weekly stochastics have a downturn for the first time since April,” suggesting a retest of support at about $1000 is likely “in the coming days.”