Ethereum Slumps Below $2,200 as Bearish MACD Dominates
Ethereum's price has been on a downward trend, plummeting from its recent swing high of $2,329 to below $2,200. The token broke through a key support level at $2,210 on the hourly chart and is now trading below its 100-hourly simple moving average.
The 23.6% Fibonacci retracement of the move from $2,329 to $2,175 currently serves as immediate resistance for Ethereum. To reclaim the upper hand, bulls must clear key resistance levels at $2,235 and $2,250, which is also the 50% Fib level.
On the downside, a break below $2,140 could lead to further price drops, potentially targeting $2,110, $2,060, and ultimately $2,020. The hourly MACD has been gaining momentum in bearish territory, while the RSI remains below 50, confirming that sellers currently hold the advantage.