Ethereum Price Decline Continues, Further Losses Looming

Ethereum's recent price action has been characterized by a decline in value, with the cryptocurrency trading below the crucial $2,350 level.

The downward trend was triggered after Ethereum failed to maintain its position above $2,385, leading to a correction and subsequent consolidation above $2,285. This move may indicate that the bulls are struggling to regain momentum, potentially paving the way for further losses.

The technical indicators are currently bearish, with the MACD gaining momentum in the negative zone. Meanwhile, the RSI is below 50, suggesting a strong downtrend. If Ethereum fails to break above the $2,385 resistance, it may start a fresh decline, potentially targeting support at $2,255.

If this level is broken, the price could fall towards $2,200, and even lower towards $2,150 if more losses are sustained. On the other hand, if Ethereum manages to clear the $2,385 resistance, it may attempt another increase, potentially targeting the $2,425 level and beyond.