<div id="readability-page-1"><div>Ethereum price started a major decline after it failed to clear $2,500. ETH is down 20% and is now struggling to stay above the $2,200 support.<ul><li>Ethereum failed to stay above $2,550 and started a fresh decline.</li><li>The price is trading below $2,400 and the 100-hourly Simple Moving Average.</li><li>There is a major bearish trend line forming with resistance at $2,415 on the hourly chart of ETH/USD (data feed via Kraken).</li><li>The pair could start a fresh increase if it stays above the $2,200 zone.</li></ul>Ethereum Price Dips 20%Ethereum price failed to remain stable above $2,550 and started a major decline, like Bitcoin. ETH price traded below $2,400 to enter a bearish zone.The bears even pushed the price below $2,250. A low was formed at $2,220 and the price is now showing bearish signs below the 23.6% Fib retracement level of the recent decline from the $3,040 swing high to the $2,220 low. There is also a steep bearish trend line forming with resistance at $2,415 on the hourly chart of ETH/USD.Ethereum price is now trading below $2,350 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,200, the price could attempt another increase. Immediate resistance is seen near the $2,350 level. The first key resistance is near the $2,420 level and the trend line.<figure></figure>The next major resistance is near the $2,500 level. A clear move above the $2,500 resistance might send the price toward the $2,620 resistance or the 50% Fib retracement level of the recent decline from the $3,040 swing high to the $2,220 low. An upside break above the $2,620 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,800 resistance zone or even $2,880 in the near term.More Losses In ETH?If Ethereum fails to clear the $2,420 resistance, it could start a fresh decline. Initial support on the downside is near the $2,220 level. The first major support sits near the $2,200 zone.A clear move below the $2,200 support might push the price toward the $2,120 support. Any more losses might send the price toward the $2,050 region. The main support could be $2,000.Technical IndicatorsHourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.Hourly RSI – The RSI for ETH/USD is now below the 50 zone.Major Support Level – $2,200Major Resistance Level – $2,420</div></div>

Ethereum price has dropped 20% after failing to maintain above $2,550, currently struggling at the $2,200 support level. A bearish trend is evident, with resistance at $2,415. If it stays above $2,200, a potential increase could occur, targeting $2,500 and beyond. However, failure to hold this support may lead to further declines towards $2,120 or even $2,000. Key resistance levels are at $2,350 and $2,420, while major support is at $2,200.

- Ethereum's price dropped 20% after failing to remain above $2,550, currently struggling to hold above the $2,200 support level.  
- The cryptocurrency is now trading below $2,400, with bearish indicators suggesting potential further declines if it cannot breach the $2,420 resistance.  
- If the price falls below $2,200, it could approach the $2,120 support; alternatively, a rise above $2,500 may lead to gains towards the $2,800 level.

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