Ethereum Price Decline Below $2,350

Ethereum's price corrected significantly from a high of $2,465 to a low of $2,253, trading below the $2,350 level and its 100-hour Simple Moving Average. This decline is attributed to bearish momentum, with the hourly MACD in the bearish zone and RSI below 50. Key resistance levels are identified at $2,300, $2,335, and $2,360, with a clear move above $2,360 needed for a potential recovery towards $2,415 and $2,465. Conversely, failure to clear $2,360 could lead to further declines, with initial support at $2,250, followed by $2,220, $2,200, and $2,120. Bitcoin is also noted to be experiencing a similar downside correction.