Ethereum Surges 10% Breaking $2,800 Resistance

Ethereum (ETH) has recently broken above a significant resistance level at $2,787, signaling a robust bullish trend as it aims for the $3,800 range. This breakout follows a sustained upward channel that formed after a rounded bottom, supported by a steady ascending trendline. Technical indicators now suggest that a surge could follow if ETH maintains its position above the $2,855 zone.

The chart reveals a confluence of support structures, including a long-term white curved base and dual ascending green trendlines. ETH’s hourly Relative Strength Index (RSI) now sits at 72.7, reflecting heightened buying interest. A blue price projection path shows Ethereum could reach $3,800 if bullish momentum sustains.

Multiple trendlines converge beneath the current price action, pointing to strong technical support between $2,400 and $2,600. The green horizontal support line around $2,560 has held firm through numerous retests in June and July. This has allowed buyers to establish a higher base each time ETH dips. A secondary ascending green trendline from mid-April to July supports this momentum. It intersects with the more aggressive white ascending support line, offering additional confluence. These combined levels reduce downside risks while favoring further upward movement.

The broader market structure also reflects a bullish breakout from a falling wedge pattern seen in April. Since then, ETH has posted higher highs and higher lows, solidifying the reversal. All short-term dips have been absorbed near the rising trendlines, signaling healthy accumulation phases.

A key feature of the chart is the blue projected line, forecasting a price rally toward $3,800. This aligns with the macro breakout pattern and continuation of Ethereum’s bullish structure. Should the price exceed $2,855 with conviction, a path to $3,200 becomes more likely in the short term. The RSI indicator adds another layer of confirmation. A clear bullish divergence formed between late June and early July as price moved sideways while RSI climbed. This divergence suggests that buyers are steadily regaining control. The current RSI level of 72.7 reflects overbought conditions, but in bull markets, this can persist longer.

Historical resistance between $2,850 and $2,900 is the final barrier before ETH targets the $3,200 mark. Once cleared, the next resistance band lies between $3,400 and $3,800. The chart structure projects this move with clean wave progression visible in the projected path. The Simple Moving Average (SMA) 200 and Exponential Moving Average (EMA) 21 are pointing upward, further supporting the continuation pattern. Momentum remains with the bulls. The bullish structure only weakens if ETH falls below $2,600 with high volume, which is not currently supported by the trend.

A pivotal question remains: can Ethereum sustain this momentum to break above $3,000 and test new yearly highs? The current technical indicators and trendlines suggest a strong possibility, but market conditions can change rapidly. Investors and traders will be closely watching ETH’s performance in the coming days to see if it can maintain its upward trajectory and reach the projected $3,800 level.