Ethereum’s price faced challenges in maintaining stability above $2,320, leading to a downward correction that reflected Bitcoin’s trajectory. ETH price has dipped under the $2,300 and $2,280 levels. A breakdown has been observed beneath a rising channel, with support pinpointed at $2,295 on the hourly chart for ETH/USD. The price skyrocketed to $2,220. A low was set at $2,220, and the price is presently consolidating its losses.
A modest increase was noted above the 23.6% Fibonacci retracement level following the drop from the $2,345 swing high to the $2,220 low. Ethereum’s price has slipped beneath $2,280, dropping below the 100-hourly Simple Moving Average. If the bulls maintain their momentum above $2,220, we could witness the price making another upward move. Immediate resistance is noted at approximately $2,265. The initial significant resistance is positioned near the $2,280 mark, aligning with the 50% Fibonacci retracement level from the drop that began at the $2,345 swing high down to the $2,220 low.
The next major resistance level is positioned at approximately $2,300. A decisive breakout above the $2,300 resistance could propel the price toward the $2,345 resistance level. An upside break above the $2,345 region may indicate the potential for additional gains in the coming days. In the current situation, Ether could rally towards the $2,400 resistance level or possibly hit $2,420 in the near term.
If Ethereum fails to break through the $2,280 resistance level, it could trigger a fresh downward trend. Initial support on the downside is set at approximately $2,230. The primary notable support level can be found near the $2,220 mark. A significant decline below the $2,220 support could push the price down to the $2,165 support level. Additional declines may drive the price towards the $2,150 region. The key support level seems to be positioned at $2,120.