Ethereum News Today: Ethereum Surges 15% to $3,627, Bullish Trend Intact

Ethereum's price has been on a steady climb, surpassing the $3,500 mark and showing strong bullish signs. The cryptocurrency has been trading near $3,500 and the 100-hourly Simple Moving Average, with a key bullish trend line forming support at $3,490 on the hourly chart of ETH/USD. This upward momentum has been driven by a fresh increase above the $3,350 level, with the price gaining pace for a move above the $3,350 resistance zone.

The bulls have been particularly active, pushing the price above $3,500 and testing the $3,620 zone. A high was formed at $3,627, and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $2,935 swing low to the $3,627 high. On the upside, the price could face resistance near the $3,630 level, with the next key resistance near the $3,650 level. The first major resistance is near the $3,720 level, and a clear move above this resistance might send the price toward the $3,800 resistance.

An upside break above the $3,800 resistance might call for more gains in the coming sessions. In this scenario, Ether could rise toward the $3,880 resistance zone or even $4,000 in the near term. However, if Ethereum fails to clear the $3,630 resistance, it could start a downside correction. Initial support on the downside is near the $3,550 level, with the first major support sitting near the $3,500 zone and the trend line. A clear move below the $3,500 support might push the price toward the $3,420 support, and any more losses might send the price toward the $3,350 support level in the near term. The next key support sits at $3,220.

Technical indicators support the bullish outlook, with the MACD for ETH/USD gaining momentum in the bullish zone and the RSI for ETH/USD now above the 50 zone. The major support level is at $3,500, while the major resistance level is at $3,650. The bulls are in control, and if the price remains supported above the $3,350 zone in the near term, it could start a fresh increase toward the $3,800 zone.