Ethereum’s price has experienced a significant surge, breaking past the $2,650 resistance level. The cryptocurrency has risen over 10%, with potential moves targeting above the $2,850 mark.
Ethereum’s recent surge began when it crossed the $2,650 resistance zone, pushing the price to trade above $2,700 and surpassing the 100-hourly Simple Moving Average. An emerging bullish trend line has formed, with support at $2,730 on the ETH/USD hourly chart.
This upward momentum has placed the cryptocurrency in a strong position, even outpacing Bitcoin in recent sessions by climbing above the $2,720 level. Ethereum’s price surged past $2,800, reaching a high of $2,848 and indicating further potential increases. It’s maintaining gains above the 23.6% Fib retracement level, measured from the $2,357 swing low to the $2,848 peak.
Currently, Ethereum is trading above $2,700 and maintaining its position above the 100-hourly Simple Moving Average. The connecting bullish trend line with support at $2,730 offers further stability. On the upside, the price is encountering resistance around the $2,850 level, with significant resistance forming at $2,880 and even higher at $2,950. A decisive break above the $2,950 resistance could propel the price toward the $3,000 mark and potentially beyond, targeting the $3,250 resistance zone.
However, if Ethereum struggles to clear the $2,850 resistance, a downside correction could ensue. Initial support may be found around the $2,800 level, with major support at $2,720 near the trend line. A break below this could push the price back toward $2,650, and further losses might lead to a decline toward the $2,550 support level in the short term. The next crucial support level would then be at $2,500.
Technical indicators reflect this bullish momentum. The hourly MACD for ETH/USD is gaining traction within the bullish zone, while the hourly RSI for ETH/USD is positioned above the 50 zone. Current support holds at $2,850, while major resistance stands firm at $2,720.
