Ethereum Surges 10% After Bitcoin's All-Time High

Ethereum's price has recently found support at $2,460, initiating a fresh upward trend. The cryptocurrency is now rising and may target a move above the $2,600 resistance zone. Ethereum started a significant increase above the $2,500 and $2,520 levels, trading above $2,520 and the 100-hourly Simple Moving Average. There was a break above a connecting bearish trend line with resistance at $2,540 on the hourly chart of ETH/USD.

Ethereum's price began to rise after Bitcoin reached a new all-time high. ETH tested the $2,720 zone before correcting downward. The price dipped below $2,500 and tested $2,450, forming a low at $2,463. The price then moved above the $2,500 resistance and surpassed the 23.6% Fib retracement level of the downward move from the $2,729 swing high to the $2,463 low. Additionally, there was a break above a connecting bearish trend line with resistance at $2,540 on the hourly chart of ETH/USD.

Ethereum's price is now trading above $2,520 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $2,600 level, which is near the 50% Fib retracement level of the downward move from the $2,729 swing high to the $2,463 low. The next key resistance is near the $2,630 level, with the first major resistance near the $2,650 level. A clear move above the $2,650 resistance might send the price toward the $2,720 resistance. An upside break above the $2,720 resistance might call for more gains in the coming sessions, with Ether potentially rising toward the $2,800 resistance zone or even $2,850 in the near term.

If Ethereum fails to clear the $2,600 resistance, it could start a fresh decline. Initial support on the downside is near the $2,520 level, with the first major support sitting near the $2,500 zone. A clear move below the $2,500 support might push the price toward the $2,460 support. Any more losses might send the price toward the $2,420 support level in the near term, with the next key support sitting at $2,350.

Technical indicators show 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 $2,500, with the major resistance level at $2,600. Analysts predict that if Ethereum can clear the $2,600 resistance, it could gain strength and aim for higher levels. However, if it fails to do so, it could start a fresh decline and test lower support levels.