Ethereum Surges 10% to $1,872, Eyes $2,000

Ethereum's price has shown significant strength, surging past the $1,750 mark and continuing to rise. The cryptocurrency has managed to stay above the $1,720 level, indicating a bullish trend. Ethereum has climbed above key resistance levels at $1,780 and $1,800, setting the stage for further gains. The price even briefly surpassed $1,850, reaching a high of $1,872 before consolidating.

Currently, Ethereum is trading above $1,800 and the 100-hourly Simple Moving Average. However, it faces resistance near the $1,850 level and a short-term contracting triangle with resistance at $1,860 on the hourly chart. If Ethereum can clear the $1,880 resistance zone, it could potentially aim for the $1,920 and $1,950 resistance levels. A break above $1,950 might push the price towards the $2,000 resistance zone or even $2,050 in the near term.

On the downside, if Ethereum fails to surpass the $1,880 resistance, it could start a fresh decline. Initial support is near the $1,840 level, with the first major support at the $1,800 zone. A clear move below $1,800 could push the price towards the $1,765 support level, and further losses might send it towards the $1,720 support level. The next key support sits at $1,650.

Technical indicators suggest a bullish momentum for Ethereum. The MACD for ETH/USD is gaining momentum in the bullish zone, and the RSI for ETH/USD is now above the 50 zone. These indicators support the possibility of further gains for Ethereum in the near term.