Ethereum price started a downside correction below $2,350. ETH is now showing 
a few bearish signs and might decline further if it trades below $2,265. 
Ethereum started a downside correction below the $2,365 zone. The price is 
trading below $2,320 and the 100-hourly Simple Moving Average. There is a 
bearish trend line forming with resistance at $2,315 on the hourly chart of 
ETH/USD (data feed via Kraken). The pair could continue to move down if it 
stays below the $2,325 zone. Ethereum Price Dips Further Ethereum price failed 
to stay above the $2,350 zone and extended its decline, like Bitcoin. ETH 
price gained pace for a move below the $2,320 and $2,300 levels. The bears 
pushed the price below the 50% Fib retracement level of the upward move from 
the $2,220 swing low to the $2,423 high. Finally, the bulls appeared near 
$2,265. Besides, there is a bearish trend line forming with resistance at 
$2,315 on the hourly chart of ETH/USD. Ethereum price is now trading below 
$2,320 and the 100-hourly Simple Moving Average. If the bulls remain in action 
above $2,265, the price could attempt another increase. Immediate resistance 
is seen near the $2,300 level. The first key resistance is near the $2,320 
level. The next major resistance is near the $2,350 level. A clear move above 
the $2,350 resistance might send the price toward the $2,400 resistance. An 
upside break above the $2,400 region might call for more gains in the coming 
days. In the stated case, Ether could rise toward the $2,440 resistance zone 
or even $2,450 in the near term. Another Decline In ETH? If Ethereum fails to 
clear the $2,320 resistance, it could start a fresh decline. Initial support 
on the downside is near the $2,265 level and the 76.4% Fib retracement level 
of the upward move from the $2,220 swing low to the $2,423 high. The first 
major support sits near the $2,240 zone. A clear move below the $2,240 support 
might push the price toward the $2,220 support. Any more losses might send the 
price toward the $2,200 region. The main support could be $2,150. Technical 
Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the 
bearish zone. Hourly RSI &#8211; The RSI for ETH/USD is now below the 50 zone. Major 
Support Level – $2,265 Major Resistance Level – $2,320

Ethereum Price Extends Decline As $2,220 Support Comes Into Play

Germany has prepared plans to tighten cryptocurrency taxation from 2027, 
putting the country’s long-standing tax-free holding benefit for Bitcoin and 
other digital assets under renewed scrutiny. Finance Minister Lars Klingbeil 
said during an April 29 presentation of Germany’s 2027 federal…

Germany weighs ending Bitcoin’s tax-free holding rule by 2027

On-chain data shows the Bitcoin short-term holders are back in the green as 
the asset&#8217;s spot price has broken past the cohort&#8217;s Realized Price with the 
latest rally. Bitcoin Is Back Above The Short-Term Holder Realized Price 
According to data from BitcoinMagazinePro, the Bitcoin spot price has 
surpassed the short-term holder Realized Price. The &#8220;Realized Price&#8221; here 
refers to an on-chain indicator that keeps track of the cost basis of the 
average investor on the BTC network. Related Reading: XRP Nears Triangle 
Apex—Will A Breakout To $1.80 Follow? When the value of the cryptocurrency is 
above this metric, it means that the holders as a whole are in a state of net 
unrealized gain. On the other hand, the asset being below the indicator 
suggests the dominance of loss in the market. In the context of the current 
topic, the Realized Price of the entire userbase isn&#8217;t of interest, but rather 
that of a specific portion of it: the short-term holders (STHs). This cohort 
includes the BTC investors who purchased their coins within the past 155 days. 
Statistically, the longer an investor holds onto their coins, the less likely 
they become to sell them in the future. Since the STHs have a relatively low 
holding time, the group is generally considered to represent the weak-minded 
side of the sector. Below is a chart that shows the trend in the Bitcoin STH 
Realized Price over the last couple of years. As is visible in the graph, the 
Bitcoin spot price fell under the STH Realized Price during the price crash 
earlier in the year. This means that the recent buyers went into a state of 
net loss. The loss status maintained for this cohort during the next three 
months, with the indicator acting as a resistance barrier for the 
cryptocurrency. The line acting as resistance suggests that the STHs were 
selling at or near their break-even level, fearing that the surge back to 
their cost basis is only temporary. The metric also provided impedance to BTC 
during the rally at the end of April, but the trend has finally shifted in 
May. With the latest price surge, the coin has finally broken back above the 
line, sending the STHs into the green. Related Reading: Solana Sees Rising 
Social Hype, Yet Network Activity Is Falling In the past, Bitcoin being higher 
than this metric has usually corresponded to bullish phases. It only remains 
to be seen, however, whether BTC can maintain above the line, which is 
currently situated at $79,000. Clearly, the cryptocurrency hasn&#8217;t gained 
enough of a distance to the level yet. BTC Price Bitcoin approached the 
$83,000 mark on Wednesday, but the asset has since dropped to the $80,100 
level. Featured image from Dall-E, chart from TradingView.com

Bitcoin Reclaims Short-Term Holder Cost Basis—What It Means

Coinbase shares fell after a $394M Q1 loss and revenue miss, as trading slowed 
and the exchange pushed beyond spot crypto into new markets.

Coinbase stock falls as Q1 loss hits nearly $400M

Chaos Labs has said its oracle infrastructure remained secure after what the 
company described as a possible nation-state cyberattack that triggered 
emergency security measures over the weekend. According to Chaos Labs founder 
and CEO Omer Goldberg, the company moved into…

Chaos Labs locks down systems after suspected nation-state attack

Coinbase’s exchange went dark for over two hours on Friday after an Amazon Web 
Services (AWS) outage disrupted trading access for thousands of users 
worldwide. Major Disruption Affects Withdrawals, Trades Coinbase, one of the 
world’s largest cryptocurrency exchanges by trading volume, experienced a 
significant service disruption Friday morning after an outage at Amazon Web 
Services […]

Ethereum Price Extends Decline As $2,220 Support Comes Into Play

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