Ethereum Price Declines Below $2,250 as Market Sentiment Weakens
Ethereum price is experiencing a decline, currently trading below $2,300 and facing consolidation.
- ETH declined below the $2,350 level, trading under the 100-hourly Simple Moving Average.
- A bearish trend line is forming with resistance at $2,280 on the hourly chart.
- Potential recovery could occur if ETH settles above the $2,320 resistance.
- The price tested the $2,120 zone and is now consolidating after minor upward movement.
- Next key resistance levels are $2,340 and $2,400; breaking $2,400 could lead to further gains toward $2,500.
- If unable to surpass $2,340, initial support is at $2,200, followed by major support at $2,150 and then $2,120.
- Technical indicators show MACD gaining momentum in the bearish zone and RSI below 50.
