Ethereum price stayed supported above the $2,080 level, mirroring Bitcoin’s performance. ETH price established a solid base and initiated a recovery wave, breaking through the $2,100 resistance level. The price has exceeded the 50% Fibonacci retracement level of the downward movement from the $2,197 swing high to the $2,075 swing low. However, the bears are making their presence felt near $2,150. There is a contracting triangle taking shape, with resistance positioned at $2,150 on the hourly chart of ETH/USD.
Ethereum price is currently trading below $2,140 and the 100-hourly Simple Moving Average. If the bulls continue to push above $2,110, we may see the price make another attempt at an increase. Immediate resistance is observed around the $2,140 mark. The first key resistance is positioned 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 next significant resistance is located around the $2,176 mark. A decisive breakout above the $2,176 resistance could propel the price towards the $2,220 resistance level. An upside break above the $2,220 region could signal potential for further gains in the days ahead.
In the current scenario, Ether has the potential to ascend towards the $2,265 resistance zone or possibly reach $2,320 in the short term. If Ethereum fails to clear the $2,150 resistance, it could start a fresh decline. Initial support on the downside is positioned around the $2,110 mark. The first major support is positioned around the $2,065 zone. A decisive drop below the $2,065 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.