Ethereum’s price struggled to hold above the $2,300 mark and has begun a downward correction, mirroring Bitcoin’s movements. ETH price has fallen beneath the $2,280 and $2,265 thresholds. The price dipped below $2,250. A low was established at $2,220, and the price is currently consolidating its losses. A slight upward movement was observed above the 23.6% Fibonacci retracement level of the decline from the $2,345 swing high to the $2,220 low. Ethereum price is currently trading under $2,270 and below the 100-hourly Simple Moving Average. Additionally, a contracting triangle is taking shape, with support positioned at $2,255 on the hourly chart of ETH/USD. If the bulls continue to push above $2,250, we might see the price make another move upward.
Immediate resistance is identified around the $2,280 mark, coinciding with the 50% Fibonacci retracement level of the decline from the $2,345 swing high to the $2,220 low. The initial significant resistance is located around the $2,300 mark. The upcoming significant resistance is around the $2,320 mark. A decisive breakout above the $2,320 resistance could propel the price towards the $2,375 resistance level. An upside break above the $2,375 region could signal potential for further gains in the days ahead. In the current scenario, Ether has the potential to climb towards the $2,420 resistance level or possibly reach $2,440 in the short term.
If Ethereum is unable to break through the $2,280 resistance level, it may initiate a new downward trend. Initial support on the downside is positioned around the $2,255 mark. The initial significant support level is located around the $2,220 area. A decisive drop beneath the $2,220 support could drive the price down to the $2,165 support level. Further losses could push the price down to the $2,150 area. The primary support level appears to be $2,120.