Ethereum Price Clings to $2,120, Can Bulls Drive Fresh Surge?

Ethereum initiated an upward trend, surpassing the $2,250 mark, mirroring Bitcoin's behavior. The price subsequently corrected downwards after reaching a high of $2,274. Currently, Ethereum is trading above $2,150 and the 100-hourly Simple Moving Average. A declining channel is forming on the hourly chart, with resistance at $2,220. If Ethereum maintains support above $2,120, bulls could potentially drive the price higher. Immediate resistance is found near $2,200, followed by the $2,220 level. A successful break above $2,250 might lead to a climb towards $2,320 and possibly beyond. Conversely, failure to break the $2,220 resistance could initiate further declines in Ethereum's price. The $2,120 level serves as the primary support, with potential further drops to $2,080 and then $2,050. Technical indicators show bearish momentum, with the MACD in the negative zone and the RSI below 50.