Ethereum (ETH) slid back to $2,256 after rejecting near $2,320, leaving traders eyeing the $2,250 support as the next defining test.
ETH Price Action Below $2,300
The second-largest cryptocurrency tumbled through the $2,300 and $2,280 levels in early Wednesday trading, mirroring weakness in Bitcoin (BTC).
The move carved out a fresh swing low at $2,256, with price now consolidating just above that mark. ETH had earlier failed to hold ground above $2,320, triggering the downside correction.
Charts compiled by Traders Union pegged the asset within a $2,250 to $2,400 band, with the 200-day simple moving average sitting near $2,656, well above current spot.
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Trend Line Caps Recovery Attempts
A bearish trend line has formed on the hourly ETH/USD chart, with resistance pinned at $2,300. Price is also trading below the 100-hourly simple moving average, reinforcing near-term seller control.
The hourly MACD is losing momentum in bearish territory, while the hourly RSI has crept back above the 50 zone. Immediate resistance now sits near $2,320, the 50% Fibonacci retracement of the drop from the $2,382 swing high to the $2,256 low.
A clean break above $2,335 could open a path toward $2,375, with $2,420 the next major hurdle. Jindal said a confirmed move beyond $2,375 might invite fresh gains in the coming sessions.
Downside Risk If $2,250 Cracks
If buyers fail to defend the $2,250 zone, the next major support sits at $2,200, followed by $2,150 and the $2,120 region.
CoinCodex analysts described overall sentiment as bearish, citing 23 bearish signals against just five bullish ones in their indicator panel.
Ether has had a choppy May. The asset opened the month near $2,350, briefly touched $2,400 on whale accumulation, then rolled over as macro selling resumed. April closed with ETH down 22.8% year-to-date after a $500 million deleveraging event broke an ascending trend line, and the recovery since has failed to reclaim the 200-day moving average.
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