Ethereum’s price has successfully maintained its position above the $2,250 support level and has initiated a new upward trend, similar to Bitcoin. ETH price accelerated towards breaking through the $2,320 and $2,350 resistance levels. However, the bears showed significant activity around the $2,400 mark. The most recent swing high was established at $2,417 prior to a downward correction. The price has fallen beneath the $2,320 mark. The price has even tested the 50% Fibonacci retracement level of the upward move from the $2,180 swing low to the $2,417 high.
Ethereum price is currently trading above $2,300 and has surpassed the 100-hourly Simple Moving Average. If the bulls continue to push above $2,295, we might see the price make another upward move. Immediate resistance is observed around the $2,360 mark. A bearish trend line is emerging, presenting resistance at $2,360 on the hourly chart of ETH/USD. The initial significant resistance stands around the $2,380 mark. The upcoming significant resistance is around the $2,420 mark. A decisive breakout above the $2,420 resistance could propel the price toward the $2,450 resistance level.
An upside break above the $2,450 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 break through the $2,360 resistance level, it may initiate a downward correction. Initial support on the downside is positioned around the $2,295 mark.
The initial significant support is located around the $2,265 area, coinciding with the 61.8% Fibonacci retracement level of the upward movement from the $2,180 swing low to the $2,417 peak. A decisive drop below the $2,265 support level could drive the price down to the $2,220 support zone. Further losses could push the price down to the $2,200 area. The primary support level appears to be $2,150.