Ethereum price struggled to hold above $2,420 and initiated a downward correction, mirroring Bitcoin’s movements. ETH price has fallen beneath the $2,400 and $2,350 thresholds. The pair hit a low of $2,253 and is now consolidating losses beneath the 23.6% Fibonacci retracement level from the downward move that started at the $2,465 swing high and dropped to the $2,253 low. A bearish trend line is taking shape, presenting resistance at $2,300 on the hourly chart of ETH/USD.
Ethereum price is currently trading under $2,350 and below the 100-hourly Simple Moving Average. If the bulls continue to push above $2,250, we might see the price make another move upward. Immediate resistance is observed around the $2,300 mark and the trend line. The initial significant resistance stands at approximately $2,335. The upcoming significant resistance is around the $2,360 mark, coinciding with the 50% Fibonacci retracement level of the decline from the $2,465 swing high to the $2,253 low.
A decisive breakout above the $2,360 resistance could propel the price towards the $2,415 resistance level. An upside break above the $2,415 region could signal potential for further gains in the days ahead. In the current scenario, Ether has the potential to climb towards the $2,465 resistance level or possibly reach $2,500 in the short term. If Ethereum is unable to break through the $2,360 resistance level, it may initiate a new downward trend.
Initial support on the downside is positioned around the $2,250 mark. The initial significant support level is located around the $2,220 area. A decisive drop below the $2,220 support could drive the price down to the $2,200 support level. Further losses could push the price down to the $2,150 area. The primary support level appears to be $2,120.