Ethereum Tests ₱134,308 ($2,220) Support After Drop From ₱142,173 ($2,350)
Ethereum currently trades near $2,320, which aligns with the 100-hourly simple moving average and a bearish trend line. Bulls need a clean break above $2,325 to shift momentum, with RSI below the neutral 50 threshold signaling continued weakness.
Key Takeaway
Ethereum needs a close above $2,320 to flip momentum, otherwise $2,150 support comes into play.
Ethereum slid to $2,220 after bulls failed to defend the $2,350 zone, according to hourly chart data from Kraken.
The decline pushed price through the 50% Fibonacci retracement level tied to the upward move that peaked at $2,423. Bears drove Ethereum down to $2,265 before initial buying appeared at $2,220, creating a swing low that now serves as first major support.
Ethereum currently trades near $2,320, which lines up with the 100-hourly simple moving average. That level doubles as immediate resistance alongside a bearish trend line at $2,315. Bulls need a clean break above $2,325 to shift momentum, but RSI sits below the neutral 50 threshold signaling continued weakness.
A recovery above $2,320 opens the door to $2,350, then $2,400. Those levels match analyst consensus models that peg Ethereum between $2,250 and $2,657 for May 2026, with $2,420 identified as the breakout trigger for upper range targets. Spot Ethereum ETFs pulled in ₱21.54 billion ($356 million) of net inflows in April, led by BlackRock and Fidelity, ending a six-month negative streak that suggests institutional positioning may support a bounce.
Failure to hold $2,220 would expose $2,200 and the main support zone at $2,150. Current market sentiment sits at 47 on the Fear & Greed Index, firmly neutral, while only 24% of traders hold bullish positions on Ethereum. The 76.4% Fib retracement level sits just below $2,220, marking the last technical defense before deeper losses.
A sustained move above the $2,325 threshold could push Ethereum toward $2,440 or $2,450 in the near term, with bears remaining in control below the $2,320 level through May 8, 2026.
This article was written based on reporting from NewsBTC.
