Ethereum price continued its upward momentum after surpassing the $2,050 mark, mirroring Bitcoin’s performance. ETH price successfully surpassed the $2,120 resistance zone. The bulls have successfully driven the price above the 76.4% Fibonacci retracement level of the downward movement from the $2,209 swing high to the $2,062 low. Additionally, a significant bullish trend line is taking shape, with support positioned at $2,100 on the hourly chart of ETH/USD. At last, the price has successfully breached the $2,200 resistance level. The asset has reached the 1.236 Fib extension level following the downward movement from the $2,209 swing high to the $2,062 low, currently sitting at $2,245.
Ethereum price is currently trading above $2,180, surpassing the 100-hourly Simple Moving Average. If the bulls continue to push above $2,150, we might see the price make another move upward. Immediate resistance is observed around the $2,245 mark. The initial significant resistance is located around the $2,250 mark. The upcoming significant resistance is around the $2,280 mark. A decisive breakout above the $2,280 resistance could propel the price towards the $2,320 resistance level. An upside break above the $2,320 region could signal further gains in the days ahead. In the current scenario, Ether has the potential to ascend towards the $2,365 resistance level or possibly reach $2,380 in the short term.
If Ethereum is unable to surpass the $2,250 resistance, it may initiate a new downward trend. Initial support on the downside hovers around the $2,200 mark. The initial significant support level is located around the $2,180 area. A decisive drop beneath the $2,180 support could drive the price down to the $2,150 support level. Further losses could push the price down to the $2,100 area. The primary support level appears to be $2,050.