Ethereum’s price has maintained support above the $2,220 mark and is attempting to recover, mirroring Bitcoin’s movements. ETH price has laid down a solid foundation and kicked off a recovery wave, breaking through the $2,265 resistance level. The price has surpassed the 50% Fibonacci retracement level of the drop from the $2,382 swing high to the $2,233 low. The bulls have propelled the price to almost $2,320. The bears maintained their grip on the market, pushing the price below the $2,300 threshold.
Ethereum price is presently hovering below $2,300 and remains beneath the 100-hourly Simple Moving Average. Furthermore, a bullish trend line is taking shape, with support located at $2,260 on the hourly chart of ETH/USD. If the bulls maintain their momentum above $2,260, we could witness another upward price movement. Immediate resistance is noted at approximately the $2,300 level. The first major resistance is found near the $2,320 level, aligning with the 61.8% Fibonacci retracement from the drop that began at the $2,382 swing high and fell to the $2,233 low.
The imminent key resistance level is positioned near the $2,380 threshold. A significant breakout above the $2,380 resistance may drive the price towards the $2,420 resistance level. An upside break above the $2,420 region could indicate the potential for additional gains in the coming days. In the present landscape, Ether shows the possibility of ascending to the $2,500 resistance level or potentially hitting $2,550 in the near term. Should Ethereum fail to surpass the $2,320 resistance level, a potential new downward trend could be on the horizon.
Initial support on the downside is set at approximately $2,260. The primary notable support level is positioned near the $2,250 mark. A significant decline below the $2,250 support could push the price down to the $2,220 support level. Additional declines may drive the price towards the $2,150 region. The primary support level is identified at $2,120.