Ethereum's price has experienced a sharp decline, trading below the $2,250 support level. The cryptocurrency is now consolidating above $2,175, facing challenges in its recovery efforts.
ETH initiated a downward correction from the $2,330 zone, breaking below $2,220 and the 100-hourly Simple Moving Average. A bearish trend line with support at $2,210 on the ETH/USD hourly chart was breached.
The cryptocurrency reached a low of $2,176 and is currently positioned below the 23.6% Fibonacci retracement level of its recent downward move. Trading below key moving averages, Ethereum's immediate path faces resistance near $2,210 and $2,235.
A decisive move above $2,250 could propel ETH towards $2,290 and potentially $2,350. However, failure to clear these resistance levels could trigger a fresh decline, with initial support observed at $2,175 and $2,140.
Technical indicators, including the hourly MACD and RSI, signal bearish momentum for ETH/USD.