Ethereum's price has been on a downward trend, slipping below the crucial $2,220 zone. The cryptocurrency is currently trading above $2,020, but the pressure on its key support level is mounting.
The 100-hourly Simple Moving Average and the $2,120 resistance are acting as significant barriers for Ethereum's price to break through. If the bulls fail to overcome this hurdle, it could lead to further declines in the coming days.
Analysts believe that if Ethereum stays below the $2,165 resistance, it may continue its downward trajectory. On the other hand, if it manages to climb above $2,110, a recovery wave might be on the cards.