Ethereum Plunges Below $2,200 on Bearish MACD

Ethereum (ETH) plummeted below $2,200 after struggling to hold support at $2,250. The token's decline was fueled by a bearish MACD and an RSI below 50.

The price drop from the swing high of $2,329 broke through a bullish trend line at $2,210 on the hourly chart. ETH traded as low as $2,176 before stabilizing.

The token now sits below its 100-hourly simple moving average and faces resistance at the 23.6% Fibonacci retracement of the move from $2,329 to $2,175, currently at $2,235. Bulls would need to reclaim this level first, followed by clearing $2,250, the 50% Fib level, to target $2,290 and potentially $2,320.