Ethereum's Price Retreat Sparks Debate Over Support Levels

Ethereum's price has recently experienced a retreat, sparking debate over whether it will find support or continue to decline. The cryptocurrency encountered resistance at the $2,220 level, and if it fails to surpass this barrier, it could initiate another downward trend. Initial support on the downside is anticipated near the $2,100 level, suggesting a potential range for Ethereum's price movement.

Ethereum started a fresh upward move above the $2,120 support zone but faced hurdles near the $2,220 resistance. The price is currently trading below $2,220 and the 100-hourly Simple Moving Average. There was a break below a key rising channel with support at $2,220 on the hourly chart of ETH/USD. The pair must clear the $2,220 and $2,320 resistance levels to start a decent increase.

Ethereum price started a decent increase from the $2,000 zone, climbing above the $2,120 and $2,200 resistance levels. However, the bears were active near $2,320 and pushed the price back below $2,220. There was a break below a key rising channel with support at $2,220 on the hourly chart of ETH/USD. A low was formed at $2,103 and the price is now attempting a recovery wave. There was a move above the $2,120 and $2,150 resistance levels.

It cleared the 23.6% Fib retracement level of the downward move from the $2,319 swing high to the $2,103 low. Ethereum price is now trading below $2,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,220 level. It is close to the 50% Fib retracement level of the downward move from the $2,319 swing high to the $2,103 low. The next key resistance is near the $2,275 level.

The first major resistance is near the $2,320 level. A clear move above the $2,32