Ethereum price is down more than 20% from highs vs the US Dollar. ETH to USD is now trading near the key $230.00 support area and it could correct in the short term.

After struggling to clear the $278.50 and $280.00 resistance levels, Ethereum price started a major decline. As a result, ETH to USD traded below the key $260.00 and $251.75 support levels.

Looking at the 2-hours chart, Ethereum price even settled well above the $250.00 level and the 50 simple moving average (2-hours, purple). During the decline, the bulls made a few attempts to protect losses below $250.00, but they failed.

More importantly, the price declined below a major contracting triangle with support near $256.60 on the same chart. It opened the doors for more losses below $245.00 and $240.00.

Finally, the price traded close to the $230.00 support level and formed a new weekly low at $231.15. It is currently correcting higher and trading near the $236.00 level. An initial resistance is near the $242.25 level.

It coincides with the 23.6% Fib retracement level of the downward move from $278.12 to $231.15. If there is an upside correction above the $242.50 level, the price could recover towards the $251.75 and $255.00 resistance levels.

The 50% Fib retracement level of the downward move from $278.12 to $231.15 is also near the $254.63 level. Conversely, Ethereum price might continue to move down below $232.00 and $231.15.

In the mentioned case, the price could heavily below $225.00. The next major support is seen near the $220.00 and $218.00 levels.

Overall, Ethereum price is trading near the key $230.00 support area. Therefore, it could either start a fresh increase towards $254.63 or extend decline towards $220.00.

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