Ethereum’s price struggled to hold above $2,330 and has begun a downward correction, mirroring Bitcoin’s movements. ETH price has fallen beneath the $2,320 and $2,300 thresholds. The price even dipped below $2,265. A low was established at $2,256, and the price is currently consolidating its losses. A slight increase was observed above the 23.6% Fibonacci retracement level of the decline from the $2,404 swing high to the $2,256 low. Ethereum price is currently trading under $2,300 and below the 100-hourly Simple Moving Average. If the bulls continue to dominate above $2,250, we might see the price making another upward move.
Immediate resistance is observed around the $2,300 mark. A bearish trend line is emerging, presenting resistance at $2,300 on the hourly chart of ETH/USD. The initial significant resistance is located around the $2,330 mark, coinciding with the 50% Fibonacci retracement level of the decline from the $2,404 swing high to the $2,256 low. The upcoming significant resistance is around the $2,370 mark. A decisive breakthrough past the $2,370 resistance could propel the price toward the $2,400 resistance level. An upside break above the $2,400 region could signal further gains in the days ahead. In the current scenario, Ether has the potential to ascend towards the $2,500 resistance level or possibly reach $2,550 in the short term.
If Ethereum is unable to surpass the $2,300 resistance level, it may initiate a new downward trend. Initial support on the downside is positioned around the $2,250 mark. The initial significant support level is located around the $2,220 area. A decisive drop beneath the $2,220 support level could drive the price down to the $2,180 support zone. Further losses could push the price down to the $2,155 area. The primary support level appears to be $2,120.