Bulls Step In as Ethereum Holds Support
Ethereum price faced challenges in holding above the $2,120 mark, continuing its downward trajectory in line with Bitcoin’s fluctuations. ETH price has rapidly moved towards a drop below the $2,110 and $2,100 levels. The bears have effectively pushed the price below the 38.2% Fibonacci retracement level of the upward movement from the $2,000 swing low to the $2,148 high. Additionally, a breach occurred beneath a bullish trend line, with support located at $2,105 on the hourly chart of ETH/USD. However, the bulls were actively engaging near the $2,080 level.
Ethereum price is presently trading under $2,100 and below the 100-hourly Simple Moving Average. If the bulls sustain their momentum above $2,075, we might witness the price making another upward push. Immediate resistance is noted at the $2,110 level. The first key resistance is positioned around the $2,120 level. The next major resistance is positioned around the $2,150 level. A decisive breakout above the $2,150 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 shows potential to ascend towards the $2,250 resistance zone or possibly even hit $2,320 in the short term.
If Ethereum fails to clear the $2,120 resistance, it may initiate a new downward trend. Initial support on the downside is positioned around the $2,075 level. The first major support is positioned around the $2,060 area, coinciding with the 61.8% Fibonacci retracement level from the upward movement that started at the $2,000 swing low and peaked at $2,148. A decisive drop beneath the $2,060 support level could drive the price down to the $2,020 support zone. Further losses may drive the price down to the $2,000 region. The primary support level is identified at $1,940.
