Ethereum Slumps Below $2,200 Amid Bearish Technicals

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.

According to technical indicators, Ethereum now sits below the 100-hourly simple moving average, with immediate resistance coming from the 23.6% Fibonacci retracement of the move from $2,329 to $2,175 at $2,235.

The hourly MACD is gaining momentum in bearish territory, and the RSI sits below the 50 mark, confirming sellers hold the advantage for now.