Ethereum’s price has successfully maintained its position above the $2,320 support level and has initiated a new upward trend, similar to Bitcoin. ETH price surged, gaining momentum for a breakthrough above $2,340 and $2,350. The price surged, reaching as high as $2,380. The market reached a peak at $2,398, and currently, the price is in a phase of consolidating its gains. A slight dip occurred beneath the 23.6% Fibonacci retracement level of the upward movement from the $2,220 swing low to the $2,398 high. Ethereum price is currently trading above $2,360 and the 100-hourly Simple Moving Average. A bullish trend line is taking shape, with support positioned at $2,350 on the hourly chart of ETH/USD.
If the bulls continue to push above $2,350, we might see the price make another move upward. Immediate resistance is observed around the $2,380 mark. The initial significant resistance is located around the $2,400 mark. The upcoming significant resistance is around the $2,420 mark. A decisive breakout above the $2,420 resistance could propel the price toward the $2,500 resistance level. An upside break above the $2,500 region could signal further gains in the days ahead. In the current scenario, Ether has the potential to ascend towards the $2,550 resistance zone or possibly reach $2,565 shortly.
If Ethereum is unable to break through the $2,400 resistance level, we may see the beginning of a downward correction. Initial support on the downside is positioned around the $2,350 level, alongside the trend line. The initial significant support level is located around the $2,330 area. A decisive drop below the $2,330 support could drive the price down to the $2,310 support or the 50% Fibonacci retracement level of the upward movement from the $2,220 swing low to the $2,398 high. Further losses could push the price down to the $2,285 area. The primary support level appears to be $2,250.