Ethereum price held steady above $2,020 and initiated a notable upward trend, surpassing Bitcoin. ETH price surged past the $2,050 and $2,065 resistance levels. A significant breakout occurred above a crucial bearish trend line, with resistance identified at $2,065 on the hourly chart of ETH/USD. The bulls have pushed the price above the 50% Fibonacci retracement level of the downward move from the $2,168 swing high to the $2,017 low.
Ethereum price is currently trading above $2,080 and has surpassed the 100-hourly Simple Moving Average. If the bulls continue to hold strong above $2,065, we may see the price make another upward move. Immediate resistance is observed around the $2,140 mark, coinciding with the 83.2% Fibonacci retracement level of the decline from the $2,168 swing high to the $2,017 low. The initial significant resistance is around the $2,150 mark. The upcoming significant resistance is around the $2,180 mark. A decisive breakout above the $2,180 resistance could propel the price towards the $2,220 resistance level. An upside break above the $2,220 region could signal further gains in the days ahead. In the current scenario, Ether has the potential to climb towards the $2,350 resistance level or possibly even reach $2,380 in the short term.
If Ethereum struggles to surpass the $2,150 resistance, it may initiate a new downward trend. Initial support on the downside is positioned around the $2,080 mark. The initial significant support level is located around the $2,065 area. A decisive drop beneath the $2,065 support could drive the price down to the $2,020 support level. Further losses could push the price down to the $1,980 area. The primary support level appears to be $1,965.