Ethereum price has gained bearish momentum, falling below $2,350 and continuing its decline below $2,320. The price is consolidating losses and is currently trading below $2,310 and the 100-hourly Simple Moving Average. A major bearish trend line at $2,360 poses resistance on the hourly chart of ETH/USD.
Ethereum started consolidating after failing to clear the $2,450 resistance and entering a bearish zone by dropping below $2,350. The price formed a low at $2,253 and is now facing hurdles around $2,300 during its minimal recovery attempts.
Ethereum faces resistance at the $2,340 level and critical resistance at $2,360. An upside break might propel prices toward $2,420 and possibly $2,465. However, failure to clear $2,360 could result in another decline, testing support levels around $2,265, $2,250, and potentially dropping to $2,150 or $2,120.
Technical indicators suggest bearish momentum with the hourly MACD losing momentum and the RSI below 50. Major support lies at $2,250, while major resistance is at $2,300.
