Ethereum Surges 7% Breaking $2,500 Resistance

Ethereum's price has recently shown signs of bullish momentum, with the cryptocurrency finding support at $2,320 and initiating a fresh increase. This upward trend has seen Ethereum surpass key resistance levels, including $2,450 and $2,500, and is currently trading above $2,500 and the 100-hourly Simple Moving Average. The price has also broken above a connecting bearish trend line with resistance at $2,530 on the hourly chart of ETH/USD.

Despite this bullish signal, Ethereum faces several obstacles that could hinder its upward trajectory. The price could encounter resistance near the $2,580 level, with the next key resistance sitting at $2,600. The first major resistance is near the $2,650 level, and a clear move above this resistance might send the price toward the $2,720 resistance. However, if Ethereum fails to clear the $2,650 resistance, it could start a fresh decline, with initial support on the downside near the $2,520 level and the first major support sitting near the $2,450 zone.

Technical indicators also suggest a bullish momentum for Ethereum, with the MACD for ETH/USD gaining momentum in the bullish zone and the RSI for ETH/USD now above the 50 zone. However, the price could face resistance near the $2,580 level, with the next key resistance sitting at $2,600. The first major resistance is near the $2,650 level, and a clear move above this resistance might send the price toward the $2,720 resistance. If Ethereum fails to clear the $2,650 resistance, it could start a fresh decline, with initial support on the downside near the $2,520 level and the first major support sitting near the $2,450 zone.

In summary, while Ethereum's price has shown bullish signals and has broken above key resistance levels, it still faces several obstacles that could hinder its upward trajectory. The price could encounter resistance near the $2,580 level, with the next key resistance sitting at $2,600. The first major resistance is near the $2,650 level, and a clear move above this resistance might send the price toward the $2,720 resistance. However, if Ethereum fails to clear the $2,650 resistance, it could start a fresh decline, with initial support on the downside near the $2,520 level and the first major support sitting near the $2,450 zone. Technical indicators also suggest a bullish momentum for Ethereum, with the MACD for ETH/USD gaining momentum in the bullish zone and the RSI for ETH/USD now above the 50 zone.