Ethereum Price Surges 11.92% as Bullish Momentum Builds

Ethereum's price is at a pivotal moment, having shown signs of renewed momentum after weeks of consolidation. The cryptocurrency is currently trading around $2,591, with a healthy recovery trend observed on the daily chart. Ethereum is wrestling with resistance near the 200-day Simple Moving Average (SMA) at $2,632, but the recent Heikin Ashi candle formation indicates a potential bullish reversal.

The daily 20 SMA ($2,591) is crossing above the 50 SMA ($2,402), suggesting a medium-term bullish crossover. This indicates that Ethereum is no longer in a bearish compression pattern, and the consolidation that lasted most of June appears to be ending. Ethereum is holding key support above $2,500 and attempting a breakout.

On the hourly chart, Ethereum's price recently broke above a tight MA ribbon cluster of 20, 50, 100, and 200 SMAs, which were compressing around the $2,550–$2,580 range. This range now acts as strong support. The hourly Heikin Ashi candles show consistent green candles, suggesting intraday momentum is clearly on the upside.

Fibonacci retracement and extension levels placed on the hourly chart show the next key resistance zones at $2,780, $2,910, and $3,080. Ethereum has already cleared the 0.236 retracement zone and is attempting to close above the 0.382 level. A clean break and hourly candle close above $2,650 could send Ethereum toward $2,780 rapidly.

The Moving Average Ribbon breakout is a classic setup. When Ethereum's price moves above the 20-200 SMA band with confirmation, it often marks a trend shift. If we apply a Fibonacci extension from the May low ($2,050) to the June high ($3,140), the 1.618 target level lies near $3,850.

If Ethereum's price holds above $2,600 and rallies to just the 0.618 level (~$2,910), that’s a 11.92% upside. If we target the 1.0 Fibonacci extension level at $3,140, that’s a 20.77% upside. This makes Ethereum’s risk-reward setup very attractive for swing traders if $2,550 holds.

Ethereum could hit $3,000 again, but only if it maintains daily closes above $2,620 this week. That level is acting as the neckline of a mini W-shaped double bottom on the hourly and 4H charts. If Ethereum's price clears the $2,780 resistance (marked by the 0.5 Fibonacci level), the next rally could target $3,000 psychologically and then $3,140 structurally.

If Ethereum's price fails to hold $2,550 support, it could retest the $2,400 zone. This would invalidate the breakout setup, and short-term sentiment may flip bearish again. However, the strong confluence of moving averages at $2,567–$2,582 should act as a strong demand zone.

In the short term (1–3 days), Ethereum's price is likely to retest $2,780 if $2,620 holds. In the medium term (7–14 days), $3,000 remains the next strong magnet. If momentum continues, the extension target sits near $3,140–$3,850.

Ethereum's price is flashing early breakout signals across both hourly and daily timeframes. If it rides above the $2,650 range and breaks past the local resistance zones, we could be looking at a strong rally back toward the $3,000 psychological barrier. Keep an eye on volume, and watch for daily closes above $2,620 to confirm the bullish continuation.