Ethereum Plummets Below $2,200 Amid Bearish Technical Indicators

Ethereum's price has dropped below $2,200 after failing to hold support at $2,250. The token had reached a swing high of $2,329 but broke below a bullish trend line at $2,210 on the hourly chart.

According to technical indicators, ETH now sits below its 100-hourly simple moving average. Immediate resistance remains overhead at the 23.6% Fibonacci retracement of the move from $2,329 to $2,175, which is around $2,235.

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