Ethereum Plunges Below $2,200 as Selling Pressure Mounts

Ethereum's price has been facing significant challenges in recent market turmoil, with ETH accelerating its losses. The cryptocurrency started a fresh decline from the $2,350 resistance zone and is now consolidating losses, potentially extending its losses towards the $2,000 support level.

Ethereum is experiencing an increase in selling pressure below the $2,350 zone, and the price is currently trading below $2,250 and the 100-hourly Simple Moving Average. A key bearish trend line is forming with resistance at $2,260 on the hourly chart of ETH/USD. However, if the price settles above $2,250 and $2,350, it could start a decent recovery wave.

Ethereum price failed to clear the $2,450 resistance zone and started a fresh decline, mirroring Bitcoin's performance. ETH gained pace below the $2,350 and $2,320 support levels, moving further into a bearish zone. The price declined over 5% and even traded below the $2,220 support zone, with a low formed at $2,123. The price is now consolidating losses and showing many bearish signs below the 23.6% Fib retracement level of the downward wave from the $2,520 swing high to the $2,123 low.

On the upside, the price seems to be facing hurdles near the $2,220 level. The first major resistance is near the $2,250 level or the trend line and the 50% Fib retracement level of the downward wave from the $2,520 swing high to the $2,123 low. The main resistance is now forming near $2,350. A clear move above the $2,360 resistance might send the price toward the $2,450 resistance. An upside break above the $2,450 resistance might call for more gains in the coming sessions, with Ether potentially rising toward the $2,500 resistance zone or even $2,550 in the near term.

If Ethereum fails to clear the $2,250 resistance, it could start another decline. Initial support on