Ethereum Plunges Below $2,200 as Bearish Signals Intensify
Ethereum has taken a hit, dropping below $2,200 after failing to hold support at $2,250. This decline is largely attributed to the bearish MACD signal, which indicates that sellers are currently in control.
The token's price slipped from a swing high near $2,329 and broke through a bullish trend line at $2,210 on the hourly chart. It traded as low as $2,176 before stabilizing.
Ethereum is now below its 100-hourly simple moving average. Immediate resistance lies above the token at the 23.6% Fibonacci retracement of the move from $2,329 to $2,175, which stands at around $2,235.
On the upside, bulls would need to clear $2,235 first and then $2,250, which is the 50% Fib level, in order to target $2,290 and potentially $2,320. Conversely, 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, while the RSI sits below the 50 mark, further confirming that sellers hold the advantage for now.