Ethereum underwent a consolidation phase subsequent to a significant downturn. To initiate a new upward trend in the short term, ETH needs to surpass the resistance at $2,275.

After testing the support zone at $2,000, Ethereum managed to recover from its losses. The current trading scenario positions the price below $2,320 and the 100-hourly Simple Moving Average. The hourly chart of ETH/USD (data feed via Kraken) reveals the formation of a crucial bearish trend line with resistance around $2,240.

For a potential bullish momentum, it is imperative that the pair successfully clears the resistance levels at $2,250 and $2,275. The overall outlook suggests Ethereum's price is aiming for a fresh increase.

The initial downturn in Ethereum's price saw it drop below the pivotal level of $2,300, akin to Bitcoin. The decline extended significantly beneath the $2,220 and $2,200 levels, ultimately reaching the $2,000 support before experiencing a resurgence from the bulls.

A bottom was established around $1,980, and currently, the price is in the process of a recovery phase. Notably, there was an upward movement past the resistance levels at $2,120 and $2,150. The bulls successfully propelled the price above the 50% Fibonacci retracement level of the preceding downward wave, stretching from the $2,400 swing high to the $1,980 low.

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Source: ETHUSD on TradingView.com

While Ethereum is presently trading below $2,320 and the 100-hourly Simple Moving Average, it encounters resistance around the $2,250 zone. Additionally, a significant bearish trend line with resistance near $2,240 is evident on the hourly ETH/USD chart.

The subsequent key obstacle lies near the $2,275 level or the 76.4% Fibonacci retracement level of the downward wave from the $2,400 swing high to the $1,980 low. A decisive breach beyond the $2,300 zone could propel the price toward $2,400, with subsequent resistance levels at $2,450 and the potential for further gains reaching the $2,500 level.

However, failure to overcome the $2,275 resistance might trigger a renewed descent. Initial support on the downside is anticipated near the $2,155 level, followed by crucial support at $2,120. The primary support now resides around $2,100, and a downside break below this level could potentially instigate a major decline, revisiting the $2,000 support. Further losses might lead to a test of the $1,880 support zone in the near term.

Analyzing technical indicators, the hourly MACD for ETH/USD indicates a waning momentum in the bearish zone, while the hourly RSI has dipped below the 30 level.

In summary, Ethereum's price movement suggests a delicate balance between potential upward momentum and the risk of further declines, with key resistance and support levels guiding the near-term trajectory.