Ethereum Surges 4% to $2,320, Faces $2,500 Resistance

Ethereum has recently shown signs of a fresh upward movement, surpassing the $2,220 level. The cryptocurrency is currently trading above $2,320 and the 100-hourly Simple Moving Average, indicating a bullish trend. There is a connecting bullish trend line forming with support at $2,390 on the hourly chart of ETH/USD. If Ethereum can settle above the $2,500 resistance zone, it could potentially see further gains, with the next key resistance levels at $2,550 and $2,565. A clear move above the $2,565 resistance might send the price toward the $2,650 resistance, and an upside break above the $2,650 resistance might call for more gains in the coming sessions, potentially rising toward the $2,720 resistance zone or even $2,800 in the near term.

However, Ethereum faces several hurdles on its path to higher prices. The bulls are currently facing resistance near the $2,480 and $2,500 levels. If Ethereum fails to clear the $2,500 resistance, it could start a fresh decline. Initial support on the downside is near the $2,390 level and the trend line. The first major support sits near the $2,350 zone. A clear move below the $2,350 support might push the price toward the $2,320 support. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,150.

Technical indicators suggest that the MACD for ETH/USD is gaining momentum in the bullish zone, and the RSI for ETH/USD is now above the 50 zone. The major support level is at $2,350, while the major resistance level is at $2,500. Ethereum has been experiencing significant price fluctuations, reaching a high of $4,070 before dropping to as low as $2,080. This volatility reflects the cryptocurrency's struggle to break through resistance levels and maintain upward momentum. After reclaiming a previously lost support level, Ethereum has shown signs of strength, but the key question remains whether it can sustain this momentum. The price movement highlights Ethereum's ongoing battle to overcome resistance, which has prevented sustained upward momentum. Analysts suggest that if the price continues to hold the 1H FVG, there could be a push higher targeting unfilled gaps above. A break above the current resistance zone could open the path toward $650, which represents the next major hurdle. If Ethereum clears this resistance zone, it could potentially see further gains. However, the next move in the market is expected to be fast and aggressive, and it is advised to wait for confirmation rather than chasing the price. The overall sentiment is that Ethereum's price is at a critical juncture, and its ability to break through resistance levels will determine its future trajectory.