Ethereum Crashes Below $2,200 as Bearish MACD Takes Hold

Ethereum's price has dropped below $2,200 after failing to hold support at $2,250. The token fell from a swing high near $2,329 and broke through a bullish trend line at $2,210 on the hourly chart.

The MACD indicator is gaining momentum in bearish territory, suggesting further downside risk unless bulls reclaim key resistance levels.

Bulls need to clear $2,235 first, then $2,250, which is also the 50% Fibonacci retracement of the move from $2,329 to $2,175. If they succeed, they can target $2,290 and potentially $2,320.