Ethereum price successfully held above the $2,220 support level and initiated a new upward movement, similar to Bitcoin. ETH price accelerated towards breaking through the $2,250 and $2,300 resistance levels. The most recent swing high was established at $2,417 prior to a downward correction. The price has fallen beneath the $2,350 mark. A dip occurred beneath the 38.2% Fibonacci retracement level of the ascent from the $2,180 swing low to the $2,417 peak.
Ethereum price is currently trading above $2,320 and has surpassed the 100-hourly Simple Moving Average. If the bulls continue to hold strong above $2,300, we may see the price make another push upward. Immediate resistance is observed around the $2,365 mark. The initial significant resistance is around the $2,380 mark. A contracting triangle is also taking shape, with resistance positioned at $2,380 on the hourly chart of ETH/USD.
The upcoming significant resistance is around the $2,400 mark. A decisive breakout above the $2,400 resistance could propel the price towards the $2,440 resistance level. An upside break above the $2,440 region could signal further gains in the days ahead. In this scenario, Ether has the potential to climb towards the $2,500 resistance level or possibly reach $2,550 in the short term. If Ethereum is unable to break through the $2,380 resistance, it may initiate a downward correction. Initial support on the downside is positioned around the $2,330 mark.
The initial significant support is located around the $2,295 area, coinciding with the 50% Fibonacci retracement level of the upward movement from the $2,180 swing low to the $2,417 peak. A decisive drop beneath the $2,295 support could drive the price down to the $2,265 support level. Further losses could push the price down to the $2,230 area. The primary support level appears to be $2,200.