Ethereum Surges 5% to $2,550, Outperforms Bitcoin

Ethereum's price has shown a notable upward trend, surpassing the $2,550 mark and currently facing resistance near the $2,640 and $2,665 levels. This movement has been significant as it has outperformed Bitcoin, which has been experiencing a dip. Ethereum successfully climbed above the $2,520 and $2,550 resistance levels, even testing the $2,665 level before consolidating its gains.

The price of Ethereum is currently trading above $2,550 and the 100-hourly Simple Moving Average. There is a key rising channel forming with support at $2,600 on the hourly chart of ETH/USD. On the upside, the price could face resistance near the $2,640 level, with the next key resistance near the $2,665 level. A clear move above the $2,720 resistance might send the price toward the $2,780 resistance. An upside break above the $2,780 resistance might call for more gains in the coming sessions, potentially rising toward the $2,880 resistance zone or even $2,920 in the near term.

However, if Ethereum fails to clear the $2,665 resistance, it could start a fresh decline. Initial support on the downside is near the $2,600 level. The first major support sits near the $2,575 zone. A clear move below the $2,575 support might push the price toward the $2,500 support. Any more losses might send the price toward the $2,420 support level in the near term. The next key support sits at $2,350.

Technical indicators show that the MACD for ETH/USD is gaining momentum in the bearish zone, while the RSI for ETH/USD is now below the 50 zone. The major support level is at $2,575, and the major resistance level is at $2,665. These indicators suggest that while Ethereum has shown strength, there are potential challenges ahead that could impact its price movement.