Ethereum Surges 10% to $2,523, Tests Key Resistance

Ethereum's price has recently surged past the $2,480 mark, indicating a bullish trend. The cryptocurrency is currently consolidating its gains and is poised to test the $2,520 resistance level. This upward movement has been supported by a key bullish trend line forming at $2,440 on the hourly chart of ETH/USD.

Ethereum's price has shown significant strength, breaking through the $2,450 and $2,480 resistance levels. The bulls have pushed the price above the $2,500 zone, with a high of $2,523 recorded. The price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $2,394 swing low to the $2,523 high.

Currently, Ethereum is trading above $2,450 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $2,520 level. The next key resistance is near the $2,550 level, with the first major resistance near the $2,580 level. A clear move above the $2,580 resistance might send the price toward the $2,650 resistance. An upside break above the $2,650 resistance might call for more gains, with Ether potentially rising toward the $2,720 resistance zone or even $2,800 in the near term.

However, if Ethereum fails to clear the $2,520 resistance, it could start a fresh decline. Initial support on the downside is near the $2,480 level. The first major support sits near the $2,460 zone or the 50% Fib retracement level of the upward move from the $2,394 swing low to the $2,523 high. A clear move below the $2,460 support might push the price toward the $2,440 support. Any more losses might send the price toward the $2,400 support level in the near term. The next key support sits at $2,350.

Technical indicators suggest that the MACD for ETH/USD is gaining momentum in the bullish zone, while the RSI for ETH/USD is now above the 50 zone. The major support level is at $2,440, and the major resistance level is at $2,520. These indicators suggest that Ethereum is in a bullish trend, with the potential for further gains if it can break through the $2,520 resistance level.