Ethereum (ETH) failed to maintain the $2,350 support level and fell below $2,200, with a bearish trendline forming near the major resistance zone on the hourly chart, pushing the price down to a low of $2,155.
What happened: $ETH , key support level broken down
Ethereum, the second-largest cryptocurrency by market capitalization, continued its downward trend from the swing high of $3,040, breaking down through the support zones of $2,420 and $2,300 before forming a bottom around $2,155.
According to data, a major bearish trend line has formed at the $2,350 resistance in the ETH/USD hourly chart. The current price is trading below both this resistance and the 100-hour simple moving average (SMA).
During the retracement attempt, the price recovered to $2,250, rising to the 23.6% Fibonacci retracement level of the recent decline. However, selling pressure remains active around $2,365.
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Why it matters: Technical indicators suggest bearishness
The hourly MACD is strengthening bearish momentum in the downtrend, and the RSI is also staying below 50, indicating the possibility of continued downward pressure.
If the buying forces maintain control above $2,250, the price may test the $2,365 resistance again and attempt further increases towards $2,450. If it successfully breaks above $2,600, the next target range could be around $2,700.
Conversely, if it fails to break above $2,365, there is potential for further declines, with support levels at $2,220, $2,150, and potentially down to $2,000.
