The Ethereum price has extended its decline below the $2,350 level, but a recovery is on the horizon as it approaches a critical resistance zone around $2,300. Ethereum's price fell further, trading under $2,350, and remains below the $2,400 mark along with the 100-hourly Simple Moving Average.
A significant bearish trend line has formed, pressing resistance at $2,400 as seen on the hourly chart of ETH/USD. To see an appreciable increase in value, the pair must break through the $2,400 and $2,420 resistance levels.
Despite staying in bearish territory and dropping below $2,400, Ethereum price must clear these hurdles for recovery. The coin spiked past $2,320, but it is still consolidating below the 23.6% Fib retracement level in the downward wave from the $2,655 high.
If ETH crosses over the trend line resistance, the price could head towards the $2,480 resistance, aligning with the 50% Fib level from $2,655 to $2,311. Breaking past the $2,480 resistance may lead to further gains.
However, failure to clear $2,400 resistance may result in another decline. Initial support emerges around $2,350, though a deeper drop could take the price to $2,220 or even lower.
