Ethereum’s price has successfully maintained its position above the $2,300 support level and has initiated a fresh upward movement, similar to Bitcoin. ETH price accelerated towards a breakout above $2,320 and $2,350. The price surged, reaching as high as $2,365. The price reached a peak of $2,387 and is currently in a phase of consolidating its gains. The asset is maintaining its position above the 23.6% Fibonacci retracement level of the upward movement from the $2,220 swing low to the $2,387 high.
Ethereum price is currently trading above $2,350 and the 100-hourly Simple Moving Average. A bullish trend line is also taking shape, with support positioned at $2,340 on the hourly chart of ETH/USD. If the bulls continue to dominate above $2,350, we may see the price make another push upward. Immediate resistance is observed around the $2,385 mark. The initial significant resistance is located around the $2,400 mark. The upcoming significant resistance is around the $2,420 mark. A decisive breakout above the $2,420 resistance could propel the price towards the $2,500 resistance level.
An upside break above the $2,500 region could signal additional gains in the days ahead. In the current scenario, Ether has the potential to ascend towards the $2,550 resistance level or possibly reach $2,565 in the short term. If Ethereum struggles to break through the $2,400 resistance, it may initiate a downward correction. Initial support on the downside is positioned around the $2,350 mark.
The initial significant support is located around the $2,340 area and the trend line. A decisive drop beneath the $2,340 support could drive the price down to the $2,300 support or the 50% Fibonacci retracement level of the upward movement from the $2,220 swing low to the $2,387 high. Further losses could push the price down to the $2,260 area. The primary support level appears to be $2,220.