Recently, Ethereum (ETH) price briefly surged to $2385, but subsequently experienced a minor pullback. The price had fallen below the 23.6% Fibonacci retracement level of the $2062 to $2385 price range.
Looking at the hourly chart, ETH is forming a symmetrical triangle pattern with resistance at $2340. If buyers can hold the key level of $2300, the next phase of upward movement will target $2365, $2380, and potentially reach $2420. A decisive break above the $2420 resistance could propel the price further towards $2500 or even $2550.
Conversely, if Ethereum faces resistance and pulls back from $2380, the support levels below will be $2315 and $2260, respectively. A break below $2260 (which is the 50% Fibonacci retracement level of the $2062 to $2385 range) would open up downside potential, possibly leading to further price declines to $2225, $2185, or even a final touch at $2150.
The future price direction of ETH is of paramount importance, as breakthroughs or breakdowns of its key levels will have a profound impact on market sentiment and subsequent trends.