Ethereum’s price is facing bearish pressure as it continues to decline from the $2,325 resistance level. If the cryptocurrency fails to hold above the $2,270 support zone, a significant drop could be in store.
Several bearish indicators are emerging for Ethereum as it trades below $2,300 and the 100-hourly Simple Moving Average. There is also a bearish trend line forming with resistance near $2,300 on the ETH/USD hourly chart.
While there is a possibility of a fresh increase if the price surpasses the $2,325 resistance, the current outlook suggests more losses for Ethereum. Initial support on the downside is expected near the $2,270 level, followed by the $2,240 and $2,200 zones. The main support level stands at $2,120.
Technical indicators, such as the hourly MACD and RSI, indicate a bearish momentum for Ethereum. Traders and investors should exercise caution and conduct their own research before making any investment decisions.
Disclaimer: The provided information is for educational purposes only and does not constitute financial advice. Trading cryptocurrencies carries risks, and it is important to conduct thorough research and exercise due diligence.