Ethereum Surges 10% to $1,850 as Bullish Momentum Builds

Generated by AI AgentCoin World
Wednesday, May 7, 2025 11:27 pm ET1min read
ETH
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Ethereum's price has initiated a fresh upward trend, surpassing the $1,800 mark and currently attempting to breach the $1,850 resistance level. This recovery wave has been supported by bullish momentum, with the price trading above $1,820 and the 100-hourly Simple Moving Average. A connecting bullish trend line is forming with support at $1,810 on the hourly chart of ETH/USD, indicating a potential for further upward movement if the $1,850 resistance is broken.

Ethereum's price has remained supported, mirroring Bitcoin's trend, and has surged past the $1,780 mark. The bulls have successfully pushed the price above the 50% Fib retracement level of the downward move from the $1,872 swing high to the $1,752 low. This bullish trend line, with support at $1,810, suggests that Ethereum could continue its upward trajectory if it maintains its current momentum.

Currently, Ethereum is trading above $1,820 and the 100-hourly Simple Moving Average. However, it faces hurdles near the $1,840 level and the 76.4% Fib retracement level of the downward move from the $1,872 swing high to the $1,752 low. The next key resistance is near the $1,850 level, with the first major resistance at $1,920. A clear move above the $1,920 resistance might send the price toward the $1,950 resistance. An upside break above the $1,950 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,000 resistance zone or even $2,050 in the near term.

If Ethereum fails to clear the $1,850 resistance, it could start a fresh downside correction. Initial support on the downside is near the $1,825 level. The first major support sits near the $1,810 zone and the trend line. A clear move below the $1,810 support might push the price toward the $1,780 support. Any more losses might send the price toward the $1,750 support level in the near term. The next key support sits at $1,665.

Technical indicators suggest that the MACD for ETH/USD is gaining momentum in the bullish zone, while the RSI for ETH/USD is now above the 50 zone. The major support level is at $1,810, and the major resistance level is at $1,850. These indicators, along with the bullish trend line, suggest that Ethereum has the potential to surge towards the $2,000 level in the near term.