Ethereum Tumbles Below $2,200 Amid Bearish Momentum

Ethereum (ETH) has taken a significant hit in value, falling below $2,200 after failing to hold support at $2,250. This decline comes as technical indicators point to further downside risk unless bulls can reclaim key resistance levels.

The token broke below 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 coming from the 23.6% Fibonacci retracement of the move from $2,329 to $2,175.

The hourly MACD is gaining momentum in bearish territory, and the RSI sits below the 50 mark, confirming that sellers hold the advantage for now. To regain control, bulls will need to clear $2,235 first, then $2,250, the 50% Fib level, to target $2,290 and potentially $2,320.