Ethereum Plunges Below $2,200 as Bearish Trend Takes Hold

Ethereum (ETH) has slid below $2,200 after failing to hold support at $2,250. The token dropped from a swing high near $2,329 and broke below a bullish trend line at $2,210 on the hourly chart.

It traded as low as $2,176 before stabilizing, now sitting below the 100-hourly simple moving average.

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.