The price of Ethereum has consistently held above the $2,265 support level, similar to Bitcoin’s performance. ETH price established a foundation and initiated a recovery trend surpassing the $2,300 resistance level. The price exceeded the 50% Fibonacci retracement level of the decline from the $2,423 peak to the $2,265 trough. The bulls have driven the price up to approximately $2,380. Additionally, a bullish trend line is emerging, with support established at $2,320 on the hourly chart of ETH/USD.
Ethereum price is currently positioned above $2,320 and the 100-hourly Simple Moving Average. If the bulls continue to operate above $2,320, the price may seek to rise again. Immediate resistance is identified around the $2,385 mark, corresponding to the 76.4% Fibonacci retracement level of the decline from the $2,423 swing high to the $2,265 low. 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 towards the $2,480 resistance level. A breakout above the $2,480 level could signal potential for further gains in the near term.
In the given scenario, Ether may advance towards the $2,550 resistance level or potentially reach $2,565 shortly. Should Ethereum not surpass the $2,385 resistance level, it may initiate a new downward trend. Initial support on the downside is positioned around the $2,320 mark. The initial significant support level is located around the $2,300 area. A definitive breach beneath the $2,300 support could drive the price down to the $2,265 support level. Further losses could potentially drive the price down to the $2,220 area. The primary support level appears to be $2,200.