Ethereum, emergency to defend $2,200...Investors panic over fear of further decline

▲ Ethereum (ETH)

Ethereum (ETH) is seeing its downtrend strengthen as it repeatedly breaks key support levels. Despite attempts at a short-term rebound, upward momentum is limited, highlighting the possibility of further declines.

Crypto media outlet NewsBTC reported on April 30 (local time) that selling pressure increased after Ethereum fell below $2,300. Ethereum failed to maintain the $2,280 support zone and broke downwards, after which the downtrend intensified.

Technically, the breakdown of the ascending channel is pointed out as a key signal. On the ETH/USD 1-hour chart, the $2,295 support level was broken, forming a structural bearish trend, and the price fell to around $2,220, forming a low. Although some rebound occurred afterward, the upward momentum remained limited.

Currently, the most important price level in the market is considered to be $2,220. If this level is maintained, there is still room for a short-term rebound, but any rebound attempts are likely to be limited by the $2,265 and $2,280 resistance levels. In particular, with the price moving below the 100-hour moving average, an upward reversal is unlikely.

Conversely, if $2,220 breaks down, the rate of decline could accelerate further. The next support levels are suggested to be in the $2,165 and $2,150 range, and analysis indicates that if the bearish trend continues, there is room for a drop to $2,120.

Technical indicators also reinforce bearish signals. The Moving Average Convergence Divergence (MACD) shows an expanding downward momentum, and the Relative Strength Index (RSI) has also fallen below 50, indicating a sell-dominant phase.

Recently, ETH has maintained a sideways trend within a certain range, but this decline is interpreted as a phase that re-tests the bottom of that trading range. In the short term, whether the $2,220 support level is maintained is expected to be a key variable in determining the future direction.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*