Ethereum Drops To $2.2K; Can Bears Push It To $2K?

2022-05-10 | Selina Mathew

Ethereum Drops To $2.2K; Can Bears Push It To $2K?

Ethereum's losses versus the US Dollar extended below $2,500. ETH has even tested the $2,200 support and is still vulnerable to more losses.

Ethereum fell below $2,300, remaining in a negative zone.

The price has dropped below $2,400 and is currently trading below the 100 hourly simple moving average.

On the hourly chart of ETH/USD, a big negative trend line is forming with resistance near $2,380. (data feed via Kraken).

Although the pair may correct higher, bears may remain aggressive at $2,400.

The price of Ethereum has dropped 10%.

Below the $2,500 pivot mark, Ethereum stayed in a negative zone. ETH fell below the $2,400 and $2,350 levels, entering a bearish zone.

The price dropped below $2,300, settling below the 100 hourly simple moving average. Finally, the $2,200 support level was examined. Near $2,200, a low has developed, and the price is correcting losses. The current collapse from the $2,569 swing high to the $2,200 low was retraced at a 23.6 percent Fib retracement level.

More Ethereum losses?


If Ethereum fails to break over the $2,400 barrier level, it may continue to fall. On the downside, $2,250 serves as a first support level.

The next significant support level is at $2,220. The $2,200 level is now the key breakdown support. If the price of ether falls below $2,200 and the current low, it may accelerate lower.


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