Ethereum Price Dives Below $2,200 as Bearish Trend Line Broken

Ethereum's price has dropped below $2,200 after failing to hold support at $2,250. The token broke below a bullish trend line at $2,210 on the hourly chart and traded as low as $2,176 before stabilizing.

The 100-hourly simple moving average now sits above Ethereum's current price, and 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. On the downside, a break below $2,140 opens the path toward $2,110, $2,060, and ultimately $2,020.