Ethereum price initiated a new upward trend and sustained stability above $2,380. ETH is currently experiencing a correction in its gains and may face a decline if it trades below $2,300. Ethereum price successfully maintained its position above the $2,320 support level and initiated a new upward trend, similar to Bitcoin. ETH price accelerated towards levels exceeding $2,380 and $2,385. Nevertheless, the bears demonstrated their presence around $2,420. The most recent swing high was established at $2,423 prior to a downward adjustment. The price has fallen beneath the $2,365 threshold. Additionally, a breach occurred beneath a bullish trend line, with support identified at $2,365 on the hourly chart of ETH/USD.
The price has also examined the 50% Fibonacci retracement level of the upward movement from the $2,220 swing low to the $2,423 high. Ethereum price is currently positioned beneath $2,360 and the 100-hourly Simple Moving Average. If the bulls continue to operate above $2,300, the price may seek to rise again. Immediate resistance is identified around the $2,350 mark. The initial significant resistance is located around the $2,380 mark. The upcoming significant resistance is around the $2,420 mark. A decisive breakthrough past the $2,420 resistance could propel the price towards the $2,450 resistance level. A breakout above the $2,450 level could signal potential for further gains in the near term. In the given scenario, Ether may approach the $2,500 resistance level or potentially reach $2,550 in the short term.
If Ethereum is unable to surpass the $2,360 resistance level, it may initiate a downward correction. Initial support on the downside is positioned around the $2,320 level. The initial significant support level is located around the $2,300 area. A decisive breach below the $2,300 support could drive the price down to the $2,265 support level or the 76.4% Fibonacci retracement of the upward movement from the $2,220 swing low to the $2,423 peak. Further losses could push the price down to the $2,200 area. The primary support level appears to be $2,150.