Ethereum price held steady above $2,150 and initiated a notable upward trend, similar to Bitcoin. ETH price surged past the $2,165 and $2,200 resistance levels. The bulls have surged the price past $2,250. A peak was established at $2,274 before the price initiated a downward correction. The price has fallen beneath $2,200. A drop occurred beneath the 38.2% Fibonacci retracement level of the upward movement from the $2,059 swing low to the $2,274 high. Ethereum price is currently trading above $2,150 and has surpassed the 100-hourly Simple Moving Average. If the bulls continue to hold strong above $2,120, we may see the price make another push upward.
Immediate resistance is observed around the $2,200 mark. The initial significant resistance is located around the $2,220 mark. A declining channel is taking shape, with resistance identified at $2,220 on the hourly chart for ETH/USD. The upcoming significant resistance is located around the $2,250 mark. A decisive breakout above the $2,250 resistance could propel the price towards the $2,320 resistance level. An upside break above the $2,320 region could signal further gains in the days ahead. In the current scenario, Ether may surge towards the $2,400 resistance level or potentially reach $2,450 shortly.
If Ethereum is unable to surpass the $2,220 resistance level, it may initiate a new downward trend. Initial support on the downside is positioned around the $2,165 mark, coinciding with the 50% Fibonacci retracement level of the upward movement from the $2,059 swing low to the $2,274 peak. The initial significant support is located around the $2,120 area. A decisive drop beneath the $2,120 support level could drive the price down to the $2,080 support zone. Further losses could push the price down to the $2,050 area. The primary support level appears to be $2,020.