Recently, the ETH price even spiked above the $2,400 level and settled above the 100-hourly Simple Moving Average. A high was formed near $2,348 and the price is consolidating gains. There was a minor bearish wave below the $2,300 level. However, Ethereum is still above $2,250 and the 100-hourly Simple Moving Average.
If Ethereum fails to clear the $2,320 resistance, it could start a fresh decline. Initial support on the downside is near the $2,275 level or the 100-hourly Simple Moving Average and the channel trend line. The next key support is $2,167.
A downside break below $2,120 might start another major decline. In the stated case, ETH could revisit the $2k support. However, at the time of writing this article, ETH is trading at around $2,254 with a market cap of $271 Billion.