Ethereum Price Holds Losses Under $2,300, Recovery Momentum Still Weak

Ethereum's price experienced a fresh decline, trading below $2,250 and subsequently consolidating. The price correction followed a failure to remain above $2,300, mirroring Bitcoin's trend. Ethereum is currently trading below the $2,280 and $2,265 levels. A contracting triangle formation with support at $2,255 is developing on the hourly chart. The $2,220 zone now serves as a crucial support level. Immediate resistance levels are observed near $2,280 and $2,300. Further resistance is sighted at $2,320, potentially leading to a test of $2,375 if overcome. Failure to surpass $2,280 could trigger another price decline. Key support levels below $2,220 are at $2,165 and $2,150. Technical indicators show the MACD is losing bearish momentum while the RSI is above 50.