Ethereum has begun a significant drop, falling below the $2,200 threshold. The price is currently trading under $2,120 and below the 100-hourly Simple Moving Average. Two bearish trend lines are emerging, with resistance levels positioned at $2,120 and $2,165 on the hourly chart of ETH/USD. The pair may maintain its downward trajectory as long as it remains under the $2,165 resistance level. Ethereum price struggled to maintain its position above $2,220 and initiated a new downward trend, similar to Bitcoin. ETH price has dropped beneath $2,150 and $2,120, signaling a shift into a short-term bearish territory.
The price even dipped below $2,050. A low was established at $2,025, and the price is currently consolidating losses beneath the 23.6% Fibonacci retracement level of the downward movement from the $2,385 swing high to the $2,025 low. Two bearish trend lines are emerging, indicating resistance levels at $2,120 and $2,165 on the hourly chart of ETH/USD. Ethereum price is currently trading under $2,100 and below the 100-hourly Simple Moving Average. If the bulls continue to push above $2,025, we may see the price make another move upward. Immediate resistance is observed around the $2,080 mark.
The initial significant resistance is located around the $2,120 mark, coinciding with the 100-hourly Simple Moving Average. The upcoming significant resistance is located around the $2,165 mark, coinciding with the second trend line. A decisive breakout above the $2,165 resistance could propel the price towards the $2,200 resistance or the 50% Fibonacci retracement level of the decline from the $2,385 swing high to the $2,025 low. An upside break above the $2,200 region could signal further gains in the days ahead. In the current scenario, Ether may surge towards the $2,250 resistance level or potentially reach $2,300 in the short term.
If Ethereum is unable to surpass the $2,120 resistance level, it may initiate a new downward trend. Initial support on the downside is positioned around the $2,040 mark. The initial significant support level is located around the $2,025 area. A decisive drop beneath the $2,025 support could drive the price down to the $2,000 support level. Further losses could push the price down to the $1,965 area. The primary support level appears to be $1,880.