Ethereum Price Declines Below $2,250 Amid Bearish Market Conditions

Ethereum price is declining from the $2,350 resistance level and may extend losses towards the $2,000 support.

• Selling pressure increased below the $2,350 zone.
• Current trading is below $2,250 and the 100-hourly Simple Moving Average.
• A bearish trend line has formed with resistance at $2,260 on the hourly chart.
• Price recovery could occur if it settles above $2,250 and $2,350.

Market Overview

ETH faced a decline after failing to break the $2,450 resistance, dropping over 5% and forming a low at $2,123. It is consolidating losses below the 23.6% Fib retracement level from the recent high.

The price struggles near $2,220, with major resistance at $2,250 and the trend line. A move above $2,360 could lead to further gains towards $2,450 and possibly $2,500 or $2,550.

Potential Downside Risks

If Ethereum does not surpass $2,250, a decline may initiate. Key support levels are:

• Initial support at $2,120
• Major support at $2,050
• Further support at $2,000
• Next key support at $1,750 if losses continue

Technical indicators show bearish momentum with the MACD gaining strength in this zone and the RSI below 50.