Ethereum’s price struggled to hold above the $2,300 mark and has begun a new downward trend, mirroring Bitcoin’s movements. ETH price has fallen beneath the $2,280 and $2,265 thresholds. The price dipped to trade below $2,250. A low was established at $2,233, 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 $2,322 swing high to the $2,233 low. Ethereum price is currently trading under $2,280 and below the 100-hourly Simple Moving Average. Additionally, a bearish trend line is emerging, with resistance positioned at $2,285 on the hourly chart of ETH/USD.
If the bulls continue to push above $2,220, we may see the price make another move upward. Immediate resistance is observed around the $2,265 mark. The initial significant resistance is located around the $2,285 mark, coinciding with the 61.8% Fibonacci retracement level of the decline from the $2,322 swing high to the $2,233 low, as well as the trend line. The upcoming significant resistance is around the $2,320 mark. A decisive breakthrough past the $2,320 resistance could propel the price towards the $2,350 resistance level. An upside break above the $2,350 region could signal potential for further gains in the days ahead.
In the current scenario, Ether has the potential to ascend towards the $2,400 resistance level or possibly reach $2,420 shortly. If Ethereum is unable to break through the $2,285 resistance level, it may initiate a new downward trend. Initial support on the downside is positioned around the $2,250 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 $2,180 support level. Further losses could push the price down to the $2,120 area. The primary support level appears to be $2,080.