Ethereum price surged, continuing its recovery trend above $2,020, outpacing Bitcoin. ETH price successfully broke through the $2,050 and $2,065 resistance levels. The bulls have successfully driven the price above the 61.8% Fibonacci retracement level, marking a significant move from the $2,198 swing high down to the $1,936 low. Nonetheless, the bears continued to exert pressure around the $2,150 resistance level. The price has shown a downward reaction, falling below $2,120.
A breakdown occurred beneath a short-term contracting triangle, with support identified at $2,135 on the hourly chart for ETH/USD. Ethereum price is currently trading above $2,050 and the 100-hourly Simple Moving Average. If the bulls continue to push above $2,050, we might see the price make another move upward. Immediate resistance is observed around the $2,120 mark. The initial significant resistance stands around the $2,150 mark, coinciding with the 83.2% Fibonacci retracement level of the decline from the $2,198 peak to the $1,936 trough.
The upcoming significant resistance is around the $2,200 mark. A decisive breakout above the $2,200 resistance could propel the price towards the $2,250 resistance level. An upside break above the $2,250 region could signal further gains in the days ahead. In the current scenario, Ether has the potential to climb towards the $2,320 resistance level or possibly reach $2,350 in the short term.
If Ethereum is unable to break through the $2,150 resistance, it may initiate a new downward trend. Initial support on the downside is positioned around the $2,080 mark. The initial significant support level is located around the $2,050 area. A decisive drop beneath the $2,050 support could drive the price down to the $2,000 support level. Further losses could push the price down to the $1,965 area. The primary support level appears to be $1,920.