The ETH/USD pair continues to move in the downward price channel, which it began to form on June 15. After the ETH/USD pair reached the level of 2600, it began a steady decline and fell below the levels of 2500 and 2400. However, the level of 2300 continues to support the pair and hold it back from a deeper correction. At the same time, the pair falls below the 100-hour moving average.
The downtrend channel limits the pair at the top at 2350 and at the bottom at 2200. However, the bulls do not have enough strength to overcome the first resistance around 2350. If the pair manages to rise above this level, then it will face the resistance area of 2450-2470, where the 100-hour moving average.
If the bears continue to gain strength, the ETH/USD pair may fall below the mark of 2320 and come close to the 2300 support level. A breakdown of this level will trigger an active sell-off. In this case, the ETH/USD pair may fall to the lower border of the descending channel around $2185.