Ethereum Surges 10% to $2,880 on Bullish Momentum

Ethereum's price has surged past the $2,800 mark, indicating a bullish trend in the market. The cryptocurrency has shown significant momentum, breaking through key resistance levels and consolidating gains above $2,880. This upward movement has been supported by a bullish trend line forming at $2,885 on the hourly chart, suggesting that Ethereum could be poised for further gains.

The price of Ethereum has rallied above $2,880, driven by bullish sentiment similar to that seen in Bitcoin. The cryptocurrency has gained traction, moving above the $2,800 resistance zone and testing the $3,000 mark. Currently, Ethereum is consolidating its gains, trading above the 23.6% Fib retracement level of the upward move from the $2,515 swing low to the $3,000 high.

Looking ahead, Ethereum faces resistance near the $2,980 level, with the next key resistance at $3,000. A clear move above $3,040 could propel the price toward the $3,120 resistance, and potentially even higher to the $3,200 or $3,220 resistance zones. However, if Ethereum fails to clear the $3,000 resistance, it could experience a downside correction, with initial support at $2,920 and major support at $2,880.

Technical indicators support the bullish outlook for Ethereum. The MACD for ETH/USD is gaining momentum in the bullish zone, while the RSI is above the 50 zone, indicating strong buying pressure. Major support levels are at $2,880, with resistance at $3,000. If Ethereum can maintain its upward momentum and break through key resistance levels, it could continue its bullish trend and reach new highs in the near term.