Ethereum’s price struggled to maintain levels above $2,150 and has now entered a new phase of decline, mirroring Bitcoin’s trajectory. ETH price has fallen below $2,120 and $2,080, signaling a move into bearish territory. The bears have driven the price down to around $2,020. A low was established at $2,032, and the price is currently consolidating losses close to the 23.6% Fibonacci retracement level of the decline from the $2,199 swing high to the $2,032 low. A significant bearish trend line is taking shape, presenting resistance at $2,135 on the hourly chart of ETH/USD.
Ethereum price is currently trading under $2,120 and below the 100-hourly Simple Moving Average. If the bulls continue to push above $2,020, we may see the price make another move upward. Immediate resistance is observed around the $2,100 mark. The initial significant resistance is located around the $2,120 mark, coinciding with the 50% Fibonacci retracement level of the decline from the $2,199 swing high to the $2,032 low. The upcoming significant resistance is around the $2,135 mark and the trend line. A decisive breakout above the $2,135 resistance could propel the price toward the $2,200 resistance level. An upside break above the $2,200 region could signal further gains in the days ahead. In the current scenario, Ether may potentially surge towards the $2,245 resistance level or possibly reach $2,320 in the short term.
If Ethereum is unable to break through the $2,135 resistance, it may initiate a new downward trend. Initial support on the downside is positioned around the $2,050 mark. The initial significant support level is located around the $2,020 area. A decisive drop beneath the $2,020 support could drive the price down to the $1,980 support level. Further losses could push the price down to the $1,950 area. The primary support level appears to be $1,880.