Ethereum’s price struggled to hold steady above $2,380 and initiated a downward correction, mirroring Bitcoin’s movements. ETH price has fallen beneath the $2,365 and $2,350 thresholds. The price even dipped below $2,300. The price established a low at $2,264 and is currently consolidating its losses. A slight upward movement was observed, surpassing the 23.6% Fibonacci retracement level of the decline from the $2,404 swing high to the $2,264 low. Ethereum price is currently trading under $2,300 and below the 100-hourly Simple Moving Average. If the bulls continue to push above $2,265, we might see the price make another upward move. Immediate resistance is observed around the $2,310 mark. A bearish trend line is emerging, presenting resistance at $2,310 on the hourly chart of ETH/USD.
The initial significant resistance stands around the $2,335 mark, coinciding with the 50% Fibonacci retracement level of the decline from the $2,404 swing high to the $2,264 low. The upcoming significant resistance is around the $2,350 mark. A decisive breakout above the $2,350 resistance could propel the price towards the $2,400 resistance level. An upside break above the $2,400 region could signal potential for further gains in the days ahead. In the current scenario, Ether has the potential to climb toward the $2,500 resistance level or possibly reach $2,550 in the short term.
If Ethereum is unable to break through the $2,310 resistance level, it may initiate a new downward trend. Initial support on the downside is positioned around the $2,285 mark. The initial significant support level is located around the $2,265 area. A decisive drop beneath the $2,265 support could drive the price down to the $2,220 support level. Further losses could push the price down to the $2,200 area. The primary support level appears to be $2,120.