Ethereum price struggled to maintain its position above the $2,120 level and continued its downward trend, mirroring Bitcoin’s movement. ETH price accelerated towards a decline beneath the $2,110 and $2,100 thresholds. The bears have successfully driven the price beneath the 38.2% Fibonacci retracement level of the upward movement from the $2,000 swing low to the $2,148 high. Additionally, there was a breach beneath a bullish trend line, with support positioned at $2,105 on the hourly chart of ETH/USD.
However, the bulls were actively engaging near the $2,080 level. Ethereum price is currently trading below $2,100 and the 100-hourly Simple Moving Average. If the bulls maintain their momentum above $2,075, we could see the price make another push upward. Immediate resistance is observed around the $2,110 mark. The first key resistance is positioned around the $2,120 level. The next major resistance is near the $2,150 level. A decisive breakout above the $2,150 resistance could propel the price towards the $2,220 resistance level. An upside break above the $2,220 region could signal further gains in the days ahead. In the current scenario, Ether has the potential to climb towards the $2,250 resistance zone or possibly even reach $2,320 in the short term.
If Ethereum fails to clear the $2,120 resistance, it may initiate a new downward trend. Initial support on the downside is positioned around the $2,075 level. The first major support is positioned around the $2,060 area, coinciding with the 61.8% Fibonacci retracement level from the upward movement that started at the $2,000 swing low and peaked at $2,148. A decisive drop beneath the $2,060 support level could drive the price down to the $2,020 support zone. Further losses could push the price down to the $2,000 area. The primary support level appears to be $1,940.