Ethereum price has managed to maintain its position above the $2,300 support level and has kicked off a new upward trend, mirroring Bitcoin’s movements. ETH price surged, aiming to breach the $2,350 and $2,360 thresholds. The price skyrocketed, hitting a peak of $2,385. The market hit a high of $2,398, and at present, the price is undergoing a consolidation phase to solidify its gains. A minor decline was observed below the 23.6% Fibonacci retracement level of the upward trend from the $2,220 swing low to the $2,399 high.
Ethereum price is presently trading above $2,350, surpassing the 100-hourly Simple Moving Average. A bullish trend line is forming, indicating support at $2,360 on the hourly chart of ETH/USD. If the bulls maintain their momentum above $2,310, we could witness another upward price movement. Immediate resistance is noted at approximately $2,380. The first major resistance level is positioned near the $2,400 threshold. The next major resistance level is positioned at approximately $2,440. A decisive breakout above the $2,440 resistance could propel the price towards the $2,500 resistance level.
An upside break above the $2,500 region may indicate potential for additional gains in the coming days. In the present landscape, Ether shows the potential to ascend towards the $2,550 resistance level or perhaps hit $2,565 in the near term. Should Ethereum fail to surpass the $2,400 resistance level, a downward correction could be on the horizon. Initial support on the downside is set at approximately the $2,360 level, aligning with the trend line. The initial significant support level is positioned near the $2,340 mark.
A significant decline beneath the $2,340 support may push the price down to the $2,310 support level or the 50% Fibonacci retracement of the upward movement from the $2,220 swing low to the $2,399 high. Additional declines may drive the price towards the $2,265 region. The primary support level is currently identified at $2,220.