Ethereum price maintained its position above the $2,065 support zone, reflecting Bitcoin’s performance. ETH price has formed a strong foundation and kicked off a recovery wave, successfully surpassing the $2,080 resistance threshold. The price has surpassed the 50% Fibonacci retracement level of the downward movement from the $2,198 swing high to the $2,075 swing low. Additionally, a breakout has been observed above a bearish trend line, with resistance pinpointed at $2,110 on the hourly chart of ETH/USD.
Ethereum price is currently trading under $2,150, having dipped below the 100-hourly Simple Moving Average. If the bulls maintain their momentum above $2,100, we could see another push for a price increase. Immediate resistance is noted at the $2,140 level. The first key resistance is positioned around the $2,150 mark, coinciding with the 61.8% Fibonacci retracement level of the decline from the $2,198 swing high to the $2,075 swing low. The next significant resistance is positioned around the $2,175 mark. A decisive breakthrough above the $2,175 resistance could propel the price towards the $2,200 resistance level. An upside break above the $2,200 region could signal potential for further gains in the days ahead.
In the current scenario, Ether shows the potential to climb towards the $2,250 resistance zone or possibly hit $2,265 in the short term. If Ethereum fails to clear the $2,150 resistance, it may initiate a new downward trend. Initial support on the downside is positioned around the $2,120 mark. The first major support is positioned around the $2,080 zone. A decisive drop beneath the $2,080 support level could drive the price down to the $2,020 support zone. Further losses could drive the price down to the $2,000 region. The primary support level is identified at $1,940.