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Ethereum price started a fresh increase and remained stable above $2,365. It is now consolidating, with potential for additional gains if it can clear the $2,400 area.
Ethereum held above the $2,320 support and began a new upward move, similar to Bitcoin. The price gained momentum toward $2,350 and $2,365, breaking above a contracting triangle pattern on the hourly chart with resistance around $2,320.
ETH climbed toward $2,400, forming a high at $2,404. After that, the price consolidated its gains. It is holding above the 23.6% Fibonacci retracement level of the upward move from the $2,286 swing low to the $2,404 high.
Ethereum is trading above $2,370 and above the 100-hour Simple Moving Average. If buyers keep the price above $2,330, ETH could attempt another increase. Immediate resistance is located near $2,400.
If Ethereum fails to clear the $2,400 resistance, it could begin a downside correction. Initial support is near $2,345, aligning with the 50% Fibonacci retracement level of the move from $2,286 to $2,404.
The first major support sits near the $2,330 zone. A clear break below $2,330 could push the price toward $2,285, with further losses potentially extending to $2,250. The main support is cited at $2,200.
Major support level: $2,330
Major resistance level: $2,400
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