Ethereum Price Holds Losses Under $2,300, Recovery Momentum Still Weak

Ethereum price started a fresh decline and traded below $2,250. ETH is now consolidating above $2,220 and might struggle to recover.

Ethereum started a downside correction below the $2,265 zone. The price is trading below $2,280 and the 100-hourly Simple Moving Average. There is a contracting triangle forming with support at $2,255 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it stays above the $2,220 zone. Ethereum Price Faces Resistance

Ethereum price failed to remain stable above $2,300 and started a downside correction, like Bitcoin. ETH price dipped below the $2,280 and $2,265 levels.

The price even traded below $2,250. A low was formed at $2,220, and the price is now consolidating losses. There was a minor upward move above the 23.6% Fib retracement level of the downward move from the $2,345 swing high to the $2,220 low.