Ethereum Price Declines Over 25% Below $2,800 Support Level

Ethereum Price Decline

Ethereum price fell below the $3,000 support zone.
Current trading below $2,800 and the 100-hourly Simple Moving Average.
Key bearish trend line resistance at $2,900 on the hourly chart.
Recovery possible if price stays above $2,200.

Ethereum has decreased over 25%, falling below $2,500 and testing a low of $2,127. A minor increase occurred above $2,300, surpassing the 23.6% Fibonacci retracement level from $3,403 to $2,127.

Resistance levels include:

$2,650
$2,770 (50% Fib retracement)
$2,900 (main resistance)

If Ethereum fails to breach the $2,600 resistance, it may decline further. Key support levels are:

$2,320 (initial support)
$2,250 (major support)
$2,120 (support if $2,250 is breached)
$2,000 (next key support)
$1,880 (lower support)

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