Ethereum price held steady above $2,165 and initiated a solid upward trajectory, similar to Bitcoin. ETH price surged past the $2,180 and $2,220 resistance thresholds. The bulls have surged the price past $2,250. A peak was established at $2,273 prior to the commencement of a downward correction in price. The price has fallen beneath $2,220. A notable spike occurred beneath the 50% Fibonacci retracement level of the upward movement from the $2,060 swing low to the $2,273 high.
Ethereum price is currently trading above $2,180 and the 100-hourly Simple Moving Average. If the bulls continue to show strength above $2,140, we might see the price make another move upward. Immediate resistance is observed around the $2,200 mark. The initial significant resistance is located around the $2,225 mark. A declining channel is taking shape, with resistance noted at $2,225 on the hourly chart for ETH/USD.
The upcoming significant resistance is around the $2,265 mark. A decisive breakout above the $2,265 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 has the potential to ascend towards the $2,400 resistance level or possibly reach $2,450 in the short term. If Ethereum is unable to break through the $2,225 resistance level, it may initiate a new downward trend. Initial support on the downside is positioned around the $2,165 mark.
The initial significant support level is located around the $2,140 area, coinciding with the 61.8% Fibonacci retracement of the upward movement from the $2,060 swing low to the $2,273 peak. A decisive drop beneath the $2,140 support could drive the price down to the $2,110 support level. Further losses could push the price down to the $2,060 area. The primary support level appears to be $2,020.