Ethereum (ETH) fell below the $2,200 mark after failing to hold support at $2,350, with prices dropping to a low of $2,155 as a bearish trend line forms near key resistance levels on the hourly chart.
What Happened: ETH Drops Below Key Support
The second-largest cryptocurrency by market capitalization extended its decline from the $3,040 swing high, breaking through support at $2,420 and $2,300 before finding a floor at $2,155.
Data shows a major bearish trend line forming with resistance at $2,350 on the ETH/USD hourly chart. The price currently trades below both that level and the 100-hourly Simple Moving Average.
A recovery attempt pushed prices above $2,250, reaching the 23.6% Fibonacci retracement level of the recent decline. Sellers remain active near $2,365.
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Why It Matters: Technical Indicators Signal Weakness
The hourly MACD is gaining momentum in the bearish zone while the RSI sits below the 50 level, suggesting continued downward pressure.
If buyers maintain control above $2,250, the price could attempt another move toward resistance at $2,365 and potentially $2,450. A break above $2,600 would target the $2,700 zone.
Failure to clear $2,365 opens the door to fresh losses, with support levels at $2,220, $2,150, and potentially $2,000.