Ethereum Surges 10% to $2,700 on Network Upgrade and Institutional Interest

Ethereum's price has recently surged past $2,700, crossing significant technical levels and displaying bullish momentum. Traders are closely monitoring whether it can sustain this upward trend and break above $2,600. The recent surge is largely attributed to the successful May 7 Pectra network upgrade, which has enhanced Ethereum’s scalability and efficiency. Additionally, growing interest from institutions, higher trading volumes, and strong support from both retail and institutional investors are propelling this momentum. Analysts believe that Ethereum could reach $3,000 soon if it breaks the current resistance level.

After finding support near $2,400, Ethereum's price has been rising steadily, moving past earlier resistance points at $2,500 and $2,550. Many market analysts attribute this rise to continued buying interest and growing positive sentiments across the crypto market. According to technical charts, Ethereum is staying above the 100-hourly Simple Moving Average, giving traders confidence that the current upward trend could continue, as long as there aren’t any sudden drops.

Currently, Ethereum is struggling to move past the $2,720 level, with the next big barrier seen at $2,740. If Ethereum breaks above this point, analysts say it might lead to another strong move upward, potentially reaching $2,840 or even $2,920 according to its recent hourly chart patterns. Crypto analyst Vishal Narang explained that this looks like a typical strong upward trend. He said that if the Ethereum price moves above $2,740 with strong trend activity, it might quickly rise further and hit levels where it has faced resistance in the past.

Ask Aime: Can Ethereum sustain its upward trajectory beyond $2,700?

Despite the bullish sentiments, experts warn that it is too early to be fully confident. If Ethereum can’t clearly break above $2,740, it might fall back. Moreover, Ethereum can test the lower support levels. The first support is around $2,640, followed by a stronger level of support near $2,580. Market expert Leena Khatri said that buyers are quickly stepping in when the Ethereum price drops, which is a positive sign. However, if Ethereum falls below $2,580, it could go down further to around $2,540 or even $2,450. These multiple support levels give traders some relief and confidence, but the market is still very sensitive to big economic news and important events in the crypto world.

Currently, Ethereum is trading around $2,680.93, and the short-term outlook is hopeful but cautious. Experts say that if Ethereum stays above the $2,540 trendline, it is more likely to keep moving upward. However, they also warn not to take big risks, as Ethereum is still below its highest point of the year, and there are still large economic challenges present. Ethereum's recent surge above $2,700 has lifted market mood. The price is staying strong because of good support levels, more big investors getting involved, and due to the recent upgrade to Ethereum. But experts are still careful, they say that Ethereum must go past the $2,740 level to really move higher.