Ethereum Price Nosedives Over 5%, Pressure Mounts on Bulls

Ethereum price is down over 5% and trading below $2,350l. ETH is signaling an increase in selling pressure and might drop to $2,120.Ethereum started another decline after it failed to clear $2,450.
The price is trading below $2,320 and the 100-hourly Simple Moving Average.
There was a break below a key bullish trend line with support at $2,400 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $2,320 resistance to start a recovery wave in the near term.Ethereum Price