Ethereum Price Declines Below $2,350; Key Support at $2,000

Ethereum price has declined below the $2,350 zone and is currently attempting to recover from a low of $2,003.

ETH dropped below the $2,320 support level.
Currently trading below $2,220 and the 100-hourly Simple Moving Average.
Resistance at $2,080 was broken on the hourly chart.
To initiate a significant increase, ETH must surpass the $2,230 and $2,275 resistance levels.

Current Price Action

After reaching a peak of $2,550, Ethereum faced bearish momentum, dropping through key support levels. The price tested the critical $2,000 zone and is now trying to recover above the 23.6% Fib retracement level.

Despite an attempt to regain strength, Ethereum is facing challenges near the $2,220 level, with major resistance identified at $2,275.

If ETH can break through $2,275, it may target $2,350 and potentially even $2,450 or $2,500 in the short term.

Potential Further Decline

Failure to clear the $2,275 resistance could lead to another drop, with initial support around $2,130 and major support near $2,080.

A decline below $2,080 could push the price towards $2,020 and potentially back to the $2,000 support level, with further losses risking a fall to $1,880.

Technical Indicators:

Hourly MACD indicates decreasing momentum in the bearish zone.
Hourly RSI is below 50.
Major Support Level: $2,080
Major Resistance Level: $2,275