Ethereum price held steady above $2,050 and initiated a solid upward trajectory, mirroring Bitcoin’s performance. ETH price surged past the $2,080 and $2,120 resistance thresholds. The bulls have pushed the price past $2,150. A peak was established at $2,174 before the price initiated a downward correction. A decline occurred beneath the 38.2% Fibonacci retracement level of the upward movement from the $2,021 swing low to the $2,174 high. Additionally, the hourly chart of ETH/USD indicates a break below a rising channel, with support identified at $2,140.
Ethereum price is currently trading above $2,080 and has surpassed the 100-hourly Simple Moving Average. If the bulls continue to push above $2,080, we may see the price make another move upward. Immediate resistance is observed around the $2,120 mark. The initial significant resistance is located around the $2,140 mark. The upcoming significant resistance is around the $2,175 mark. A decisive breakout above the $2,175 resistance could propel the price towards the $2,220 resistance level. An upside break above the $2,220 region could signal potential for further gains in the days ahead. In the current scenario, Ether may surge towards the $2,350 resistance level or potentially reach $2,380 shortly. If Ethereum is unable to break through the $2,140 resistance level, it may initiate a new downward trend.
Initial support on the downside is positioned around the $2,080 mark, coinciding with the 61.8% Fibonacci retracement level of the upward movement from the $2,021 swing low to the $2,174 high. The initial significant support level is located around the $2,065 area. A decisive drop beneath the $2,065 support could drive the price down to the $2,020 support level. Further losses could push the price down to the $1,980 area. The primary support level appears to be $1,965.