Ethereum’s price has successfully maintained its position above the $2,320 support level and has initiated a new upward movement, similar to Bitcoin. ETH price accelerated towards a breakthrough above $2,350 and $2,365. A breakout occurred above a contracting triangle, with resistance identified at $2,320 on the hourly chart of ETH/USD. The price surged, reaching nearly $2,400. The market reached a peak at $2,404, and currently, the price is in a phase of consolidating its gains.
The asset is maintaining its gains above the 23.6% Fibonacci retracement level of the upward movement from the $2,286 swing low to the $2,404 high. Ethereum’s price is currently trading above $2,370 and has surpassed the 100-hourly Simple Moving Average. If the bulls continue to push above $2,330, we may see the price make another attempt at an increase. Immediate resistance is observed around the $2,400 mark. The initial significant resistance stands around the $2,420 mark. The upcoming significant resistance is around the $2,450 mark.
A decisive breakout above the $2,450 resistance could propel the price towards the $2,500 resistance level. An upside break above the $2,500 region could signal potential for further gains in the days ahead. In the current scenario, Ether has the potential to climb towards the $2,550 resistance level or possibly reach $2,565 shortly. If Ethereum is unable to break through the $2,400 resistance level, it may initiate a downward correction.
Initial support on the downside is positioned around the $2,345 mark, coinciding with the 50% Fibonacci retracement level of the upward movement from the $2,286 swing low to the $2,404 high. The initial significant support level is positioned around the $2,330 area. A decisive drop beneath the $2,330 support could drive the price down to the $2,285 support level. Further losses could push the price down to the $2,250 area. The primary support level appears to be $2,200.