Ethereum at a Crossroads for Further Decline..."$2,250 is the Last Line of Defense"

▲ Ethereum (ETH) Decline/ChatGPT Generated Image

Ethereum (ETH) price fell below $2,300, showing a short-term correction trend. Ethereum is currently consolidating losses above $2,250, and attempts at recovery remain challenging.

NewsBTC reported on the 13th that Ethereum began a downward correction below the $2,280 range, and the current price is moving below $2,300 and the 100-hour simple moving average. According to Kraken data, a bearish trend line forming resistance near $2,300 also appeared on the ETH/USD hourly chart.

After failing to maintain a stable trend above $2,320, Ethereum entered a downward correction similar to Bitcoin (BTC). Subsequently, it fell below $2,300 and $2,280 in succession, dropping below $2,265 before forming a low at $2,256.

The price then saw a slight rebound above the 23.6% Fibonacci retracement level of the downward move from the $2,382 high to the $2,256 low, amidst a consolidation of losses. However, Ethereum remains below $2,300 and the 100-hour simple moving average, with a bearish trend line near $2,300 acting as short-term resistance.

If buying pressure is maintained above $2,250, Ethereum could attempt another rebound. Immediate resistance is formed near $2,300 and the trend line, and the first major resistance is indicated near the 50% Fibonacci retracement level of the downward move from the $2,382 high to the $2,256 low, or at $2,320.

The next major resistance is around $2,335. If Ethereum clearly breaks above the $2,335 resistance, it could head towards the $2,375 resistance. An upward break of the $2,375 level could lead to a short-term rise to the $2,420 or $2,440 resistance zones, according to analysis.

Conversely, if Ethereum fails to overcome the $2,320 resistance, a further decline could begin. Initial support on the downside is near $2,265, with the first major support located at the $2,250 level. If the $2,250 support clearly breaks, the price could slide to the $2,200 support, and if further losses continue, it could fall to the $2,150 level. The key support level is indicated at $2,120.

In terms of technical indicators, the ETH/USD hourly Moving Average Convergence Divergence (MACD) is losing momentum in the bearish zone, while the hourly Relative Strength Index (RSI) is above the 50 line. NewsBTC presented Ethereum's key support level at $2,250 and key resistance level at $2,320.

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