TA: Ethereum Price Nosedives, Why ETH Could Soon Test $1,200

Ethereum declined sharply from the $1,500 resistance zone against the US Dollar. ETH is down over 10% and there could be more losses towards the $1,200 support.Ethereum started a fresh decline after it failed to clear the $1,500 resistance zone.
The price is now trading below $1,400 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $1,360 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could accelerate further lower below the