Ethereum Price Downtrend Gains Pace—Is A Steeper Drop Ahead?

Ethereum's price experienced a fresh decline, falling below $2,265 and consolidating around $2,220. The cryptocurrency struggled to maintain stability above $2,320, triggering a downside correction. It broke below a rising channel, indicating a bearish trend. The price is currently trading below $2,300 and the 100-hourly Simple Moving Average. Key support is located around $2,220, with potential for further drops if that level fails. Immediate resistance is seen near $2,265 and $2,280, representing critical hurdles for recovery. A break above $2,300 could initiate a climb to $2,345, potentially leading to further gains. Conversely, failure to clear $2,280 may result in continued decline, with $2,230 and $2,220 as initial support levels. Technical indicators show bearish momentum, with the MACD in the bearish zone and the RSI below 50.