Ethereum price extends decline as $2,220 support comes into play

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Ethereum price has started a downside correction below the $2,365 zone. ETH is showing bearish signs and could decline further if it trades below $2,265.

Price action and key levels

Ethereum failed to hold above the $2,350 zone and extended its decline, moving lower in a pattern similar to Bitcoin. Selling pressure accelerated as ETH moved below the $2,320 and $2,300 levels.

Bears pushed the price below the 50% Fibonacci retracement level of the upward move from the $2,220 swing low to the $2,423 high. Bulls appeared near $2,265, while a bearish trend line is forming with resistance at $2,315 on the hourly ETH/USD chart.

Resistance and potential upside

ETH is currently trading below the $2,320 level and the 100-hourly Simple Moving Average. If bulls remain active above $2,265, the price could attempt another increase.

Immediate resistance is near $2,300, followed by the first key resistance at $2,320. The next major resistance is around $2,350. A clear move above $2,350 could move ETH toward $2,400, and an upside break above the $2,400 region could open the way for gains toward the $2,440 resistance zone or even $2,450 in the near term.

Downside scenario and support

If Ethereum fails to clear the $2,320 resistance, it could begin a fresh decline. Initial support is near $2,265, also aligning with the 76.4% Fibonacci retracement level of the move from the $2,220 swing low to the $2,423 high.

The first major support sits near the $2,240 zone. A clear break below $2,240 could push the price toward the $2,220 support, and further losses may send ETH toward the $2,200 region. The main support is cited at $2,150.