Ethereum has initiated a recovery wave, moving above the $2,125 threshold. The price is currently trading above $2,140, surpassing the 100-hourly Simple Moving Average. A significant breakout occurred above a crucial bearish trend line, with resistance identified at $2,145 on the hourly chart of ETH/USD. The pair may initiate a new downward trend if it remains under the $2,200 resistance level. Ethereum’s price has successfully remained above $2,020 and has initiated a recovery wave, similar to Bitcoin. ETH price successfully surged past the resistance levels of $2,065 and $2,120.
The price surpassed the 38.2% Fibonacci retracement level of the downward movement from the $2,385 swing high to the $2,025 low. Additionally, a significant breakout occurred above a crucial bearish trend line, with resistance identified at $2,145 on the hourly chart of ETH/USD. Ethereum price is currently trading above $2,120 and has surpassed the 100-hourly Simple Moving Average. If the bulls continue to hold strong above $2,100, we may see the price make another push upward.
Immediate resistance is observed around the $2,180 mark. The initial significant resistance stands around the $2,200 mark, coinciding with the 50% Fibonacci retracement level of the decline from the $2,385 peak to the $2,025 trough. The upcoming significant resistance is around the $2,250 mark. A decisive breakout above the $2,250 resistance could propel the price towards the $2,300 resistance level. An upside break above the $2,300 region could signal further gains in the days ahead. In this scenario, Ether may surge towards the $2,345 resistance level or potentially reach $2,365 in the short term.
If Ethereum is unable to break through the $2,180 resistance level, it may initiate a new downward trend. Initial support on the downside is positioned around the $2,140 mark. The initial significant support level is located around the $2,110 area. A decisive drop beneath the $2,110 support could drive the price down to the $2,065 support level. Further losses could push the price down to the $2,010 area. The primary support level appears to be $2,000.