Ethereum price has stayed supported above the $2,050 level, similar to Bitcoin. ETH price established a solid foundation and initiated a recovery wave, breaking above the $2,065 resistance level. The price has exceeded the 38.2% Fibonacci retracement level of the decline from the $2,197 swing high to the $2,075 swing low. The bulls managed to drive the price up to $2,150, yet the bears continued to exert their influence. Additionally, a bearish trend line is taking shape, with resistance positioned at $2,120 on the hourly chart of ETH/USD.
Ethereum price is currently trading under $2,120 and below the 100-hourly Simple Moving Average. If the bulls continue to push above $2,075, we might see another price surge on the horizon. Immediate resistance is observed around the $2,120 mark. The initial significant resistance is located around the $2,150 mark, coinciding with the 61.8% Fibonacci retracement level of the decline from the $2,197 swing high to the $2,075 swing low. The upcoming significant resistance is around the $2,200 mark. A decisive breakout above the $2,200 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 may surge towards the $2,300 resistance level or potentially reach $2,315 shortly. If Ethereum is unable to surpass the $2,150 resistance level, it may initiate a new downward trend. Initial support on the downside hovers around the $2,085 mark. The initial significant support level is located around the $2,075 area. A decisive drop below the $2,075 support could drive the price down to the $2,020 support level. Further losses could push the price down to the $2,000 area. The primary support level appears to be $1,940.