Ethereum Surges 10% to $2,700 as Bullish Momentum Builds

Ethereum's price has surged past the $2,700 mark, indicating a potential shift in market sentiment towards bullish territory. The cryptocurrency has shown significant strength, breaking through key resistance levels at $2,500 and $2,550, and even spiking above $2,700. This upward momentum has led to a consolidation phase, with Ethereum currently trading above $2,600 and the 100-hourly Simple Moving Average.

The bullish trend is further supported by a key trend line forming with support at $2,540 on the hourly chart of ETH/USD. If Ethereum can clear the $2,740 resistance, it could pave the way for further gains, potentially reaching the $2,840 resistance level. Beyond that, the cryptocurrency might even test the $2,880 or $2,920 resistance zones.

However, if Ethereum fails to surpass the $2,740 resistance, it could face a decline. Initial support on the downside is near the $2,640 level, with the first major support sitting at $2,580. A clear move below this level could push the price toward the $2,540 support, and further losses might send it toward the $2,450 support level. The next key support sits at $2,350.

Technical indicators also support the bullish outlook. The MACD for ETH/USD is gaining momentum in the bullish zone, while the RSI for ETH/USD is now above the 50 zone. These indicators suggest that the bulls are in control, and Ethereum could continue its upward trajectory in the near term.