Ethereum Plunges 5%, Can Buyers Save The Key $2.3K Support?

Ethereum extended its downside correction below $2,500 against the US Dollar. ETH price is recovering higher, but it is now trading below the 100 hourly SMA.

Ethereum failed to stay above the $2,500 support zone and extended its decline.
The price is now trading well below $2,500 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $2,460 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to face a strong selling interest near the $2,460 and $2,500 levels.

Ethereum Price Extends Losses
Ethereum topped near the $2,640 level and started a fresh decline, similar to bitcoin. ETH even struggled to stay above the $2,550 support zone and moved into a bearish zone.
There was a clear break below the $2,500 support zone and the 100 hourly simple moving average. Ether even declined below the $2,400 level and it traded as low as $2,353. It is now correcting losses and trading above the $2,400 level.
The price recovered above the 23.6% Fib retracement level of the of the recent decline from the $2,638 high to $2,353 low. On the upside, an initial resistance is near the $2,450 level.
There is also a major bearish trend line forming with resistance near $2,460 on the hourly chart of ETH/USD. The main resistance is now forming near the $2,550 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the of the recent decline from the $2,638 high to $2,353 low.

Source: ETHUSD on TradingView.com
A close above the $2,500 level and a follow up move above the $2,550 level is needed to start a steady increase in the near term.
More Losses in ETH?
If Ethereum fails to clear the $2,450 and $2,500 resistance levels, it could continue to move down. An initial support on the downside is near the $2,400 level.
The first major support is near the $2,350 level. A downside break below the recent low and the $2,350 support level may possibly push the price towards the $2,300 level. Any more losses might call for a move towards the $2,250 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently rising towards the 50 level.
Major Support Level – $2,350
Major Resistance Level – $2,500