Ethereum price struggled to maintain its position above the $2,350 level and continued its downward trend, mirroring Bitcoin’s performance. ETH price accelerated towards a decline beneath the $2,320 and $2,300 thresholds. The bears have driven the price beneath the 50% Fib retracement level of the upward movement from the $2,220 swing low to the $2,423 high. At last, the bulls emerged around the $2,265 mark. Additionally, a bearish trend line is emerging, with resistance positioned at $2,315 on the hourly chart of ETH/USD.
Ethereum price is currently trading under $2,320 and below the 100-hourly Simple Moving Average. If the bulls continue to maintain momentum above $2,265, we could see the price make another push upward. Immediate resistance is observed around the $2,300 mark. The initial significant resistance stands around the $2,320 mark. The upcoming significant resistance is around the $2,350 mark. A decisive breakout above the $2,350 resistance could propel the price toward the $2,400 resistance level. An upside break above the $2,400 region could signal potential for further gains in the days ahead. In the current scenario, Ether may surge towards the $2,440 resistance level or potentially reach $2,450 shortly.
If Ethereum is unable to break through the $2,320 resistance level, it may initiate a new downward trend. Initial support on the downside is positioned around the $2,265 mark, coinciding with the 76.4% Fibonacci retracement level of the upward movement from the $2,220 swing low to the $2,423 peak. The initial significant support level is located around the $2,240 area. A decisive drop beneath the $2,240 support could drive the price down to the $2,220 support level. Further losses could push the price down to the $2,200 area. The primary support level appears to be $2,150.