ETH Price Plummets Below $2,200 After Trend Line Break

Ethereum's price has plummeted below $2,200 after failing to hold support at $2,250. The token broke a bullish trend line at $2,210 on the hourly chart and traded as low as $2,176 before stabilizing.

The 100-hourly simple moving average is now above Ethereum's price, and the 23.6% Fibonacci retracement of the move from $2,329 to $2,175 remains overhead as immediate resistance.

Bulls need to clear $2,235 first, then $2,250, the 50% Fib level, to target $2,290 and potentially $2,320. On the downside, a break below $2,140 opens the path toward $2,110, $2,060, and ultimately $2,020.

The hourly MACD is gaining momentum in bearish territory, and the RSI sits below the 50 mark, confirming sellers hold the advantage for now.