Ethereum Plunges Below Key Support as Bearish MACD Takes Hold

Ethereum (ETH) plummeted from its swing high near $2,329 to below $2,200 after failing to hold support at $2,250.

The token dropped through a bullish trend line at $2,210 on the hourly chart and traded as low as $2,176 before stabilizing.

ETH now sits below the 100-hourly simple moving average, with immediate resistance at the 23.6% Fibonacci retracement of the move from $2,329 to $2,175, which is around $2,235.