Ethereum Plummets Below $2,200 as Bearish MACD Takes Control

Ethereum (ETH) plummeted below $2,200 after failing to maintain support at $2,250. The token broke through a crucial trend line at $2,210 and slid as low as $2,176 before stabilizing.

The hourly MACD has turned bearish, with the Relative Strength Index (RSI) sitting below 50. This technical setup indicates that sellers currently have the upper hand in the market.

For Ethereum to regain momentum, bulls must clear resistance levels at $2,235 and $2,250. If successful, this could pave the way for a push towards $2,290 and potentially $2,320.

However, if ETH drops below $2,140, it opens the door for a decline to $2,110, $2,060, or even $2,020.