Ethereum slid below the $2,300 mark on Friday, touching a low of $2,256 before finding a foothold. The second-largest cryptocurrency by market cap is now consolidating just above $2,250, but remains stuck below the 100-hourly Simple Moving Average — a level that often signals near-term weakness.
Key levels to watch
On the hourly chart, a bearish trend line is forming with resistance at $2,300. Immediate resistance comes in at that same $2,300 mark, with a stronger barrier at $2,320 — the 50% Fibonacci retracement level of the recent drop. If ETH can clear $2,335, the path opens toward $2,375, then $2,420 and eventually $2,440.
Support is layered below. The first floor sits at $2,250, followed by $2,200, $2,150, and $2,120. A break below $2,250 would put the lower supports in play.
What the indicators show
The hourly MACD is losing momentum in the bearish zone, suggesting selling pressure may be easing. At the same time, the hourly Relative Strength Index has climbed above 50, hinting at a modest shift in momentum. Neither indicator is flashing a clear buy signal yet, but the picture is less lopsided than it was earlier in the session.
The next few hours will tell whether Ethereum can reclaim the $2,300 resistance or if sellers hold the line. A close above $2,335 would be the first real bullish move in days.
