Ethereum price successfully held above the $2,200 support level and initiated a new upward trend, similar to Bitcoin. ETH price accelerated towards a breakthrough above $2,220 and $2,280. The bulls have pushed the price past the $2,365 resistance level. A peak was established at $2,417, and the price is currently undergoing a correction of its gains. A decline occurred beneath the 23.6% Fibonacci retracement level of the upward movement from the $2,180 swing low to the $2,416 high. Ethereum price is currently trading above $2,300 and has surpassed the 100-hourly Simple Moving Average. If the bulls continue to push above $2,300, we might see the price make another move upward.
Immediate resistance is observed around the $2,360 mark. The initial significant resistance is around the $2,380 mark. The upcoming significant resistance is around the $2,400 mark. A decisive breakthrough past the $2,400 resistance could propel the price towards the $2,480 resistance level. An upside break above the $2,480 region could signal further gains in the days ahead. In the given scenario, Ether may surge towards the $2,550 resistance level or potentially reach $2,620 shortly. If Ethereum is unable to break through the $2,400 resistance level, it may initiate a downward correction.
Initial support on the downside is positioned around the $2,320 mark. The initial significant support level is located around the $2,300 area. A decisive drop below the $2,300 support could lead the price to test the $2,270 support level, coinciding with the 61.8% Fibonacci retracement of the upward movement from the $2,180 swing low to the $2,416 high. Further losses could push the price down to the $2,220 area. The primary support level appears to be $2,180.