Ethereum, at the crossroads of 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 there is still pressure on recovery attempts.

NewsBTC reported on the 13th that Ethereum began a downward correction below the $2,280 level, and its 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.

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

The price then rebounded slightly above the 23.6% Fibonacci retracement level of the downtrend from the high of $2,382 to the low of $2,256, while consolidating losses. However, Ethereum remains below $2,300 and the 100-hour simple moving average, with the 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 suggested near the 50% Fibonacci retracement level of the downtrend from the high of $2,382 to the low of $2,256, or at $2,320.

The next major resistance is near $2,335. If Ethereum clearly breaks through the $2,335 resistance, it could head towards the $2,375 resistance. If it breaks above the $2,375 level, it could rise to the $2,420 or $2,440 resistance levels in the short term, according to analysis.

Conversely, if Ethereum fails to break above the $2,320 resistance, a further decline could begin. The initial support level on the downside is near $2,265, and the first major support level is at $2,250. If the $2,250 support level clearly breaks, the price could fall to the $2,200 support level, and if further losses continue, it could drop to the $2,150 level. The major support level is suggested at $2,120.

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

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