The decline is a part of a broader trend of declining prices across the cryptocurrency market. This is a sign of market uncertainty and volatility. **Key Takeaways:**
* **Ethereum price drops:** Ethereum (ETH) has experienced a decline in price, dropping over 5% and trading below the key support level of $2,350.
ETH/USD price action shows a bearish trend with a break below a key bullish trend line. The price has dropped over 5% and is consolidating losses after a low of $2,253. **Detailed Analysis:**
The Ethereum (ETH) price action on the hourly chart of ETH/USD reveals a bearish trend. This bearish trend is characterized by a significant break below a key bullish trend line.
More Downsides In ETH? If Ethereum fails to clear the $2,320 resistance, it could start another decline in the near term. Initial support on the downside is near $2,250. The first major support sits near the $2,200 zone. A clear move below the $2,200 support might push the price toward $2,150. Any more losses might send the price toward the $2,120 support level in the near term. The next key support sits at $2,050. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,250 Major Resistance Level – $2,320
