Ethereum price failed to hold above the $2,350 level and extended its decline, mirroring Bitcoin's recent downturn. The digital asset fell below the $2,320 and $2,300 thresholds before finding temporary support near $2,265. A bearish trend line is forming at $2,315 on the hourly chart, indicating continued downward pressure.
The current move represents a downside correction following an upward swing from the $2,220 low to the $2,423 high. The bears have pushed the price below the 50% Fibonacci retracement level of that rally, a technically significant threshold. Ethereum is now trading beneath both the $2,320 mark and the 100-hourly Simple Moving Average.