Ethereum price struggled to maintain its position above the $2,365 level and continued its downward trend, similar to Bitcoin. ETH price accelerated towards a decline, aiming for levels beneath $2,350 and $2,340. A break occurred below a bullish trend line, with support identified at $2,340 on the hourly chart of ETH/USD. The bears have driven the price beneath the 50% Fibonacci retracement level of the upward movement from the $2,265 swing low to the $2,382 high. At last, the bulls emerged around the $2,300 mark. Ethereum price is currently trading under $2,340 and below the 100-hourly Simple Moving Average. If the bulls continue to show strength above $2,300, we might see the price make another move upward.
Immediate resistance is observed around the $2,340 mark. The initial significant resistance stands around the $2,365 mark. The upcoming significant resistance stands around the $2,380 mark. A decisive breakout above the $2,380 resistance could propel the price towards the $2,400 resistance level. An upside break above the $2,400 region could signal further gains in the days ahead. In the current scenario, Ether has the potential to climb towards the $2,440 resistance level or possibly reach $2,450 shortly.
If Ethereum struggles to break through the $2,350 resistance level, it may initiate a new downward trend. Initial support on the downside is positioned around the $2,300 mark, coinciding with the 76.4% Fibonacci retracement level of the upward movement from the $2,265 swing low to the $2,382 peak. The initial significant support level is located around the $2,265 area. A decisive drop beneath the $2,265 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.