Ethereum Price Drops Below $2,350, Recovery Hopes Start To Fade

Ethereum's price experienced a fresh decline, falling below $2,350 and consolidating near $2,265. It initiated a downside correction from the $2,400 zone, trading below critical moving averages. A bearish trend line at $2,310 now acts as a significant resistance point on the hourly chart. The price briefly dipped below $2,300, reaching a low of $2,264 before a slight recovery. Despite a minor rebound, it remains below $2,300 and the 100-hourly Simple Moving Average. For an upward reversal, Ethereum needs to break above the $2,310 resistance, followed by $2,335 and crucially, $2,350. A sustained move above $2,350 could propel it towards $2,400 and potentially higher to $2,500. Conversely, failure to clear $2,310 risks further declines, with initial support at $2,285 and major support at $2,265. A break below $2,265 could lead to drops towards $2,220, $2,200, and potentially $2,120. Technical indicators, including the Hourly MACD and RSI, point to bearish momentum, with the MACD in the bearish zone and RSI below 50.