Ethereum Surges 10% This Week, Outperforms Bitcoin

Ethereum has recently shown a strong bullish trend, surpassing Bitcoin's performance as it reclaimed the $2,550 level. This upward momentum has positioned Ethereum to potentially reach higher price targets in the coming sessions. According to market data, Ethereum's price has surged above the $2,560 zone this week, breaking through the $2,600 resistance and testing the $2,627 mark. This rally indicates a robust buying interest in Ethereum, reflecting a broader recovery in the crypto market.

Currently, Ethereum is trading above $2,580 and maintaining its position above the 100-hourly Simple Moving Average, a critical technical level for confirming short-term trends. A bullish trend line is also forming with immediate support at $2,550, further bolstering the bullish outlook. Key resistance levels to watch include $2,620, $2,650, and $2,680. If the momentum continues, Ethereum could target $2,780, with potential further gains to $2,880 or even $2,920 in the near term.

Despite the bullish setup, traders should remain cautious. If Ethereum fails to clear the $2,620 barrier, a short-term pullback could see it test the $2,570 support first. A decisive break below the $2,520 level, which aligns with the trend line support, could trigger a deeper correction toward $2,450 or even $2,350. Technical indicators suggest that bulls still have the upper hand, with the hourly MACD showing strong but slightly easing momentum in the bullish zone, while the RSI stays comfortably above 50, signaling healthy buying pressure.

Ethereum has outperformed Bitcoin this week and appears well-positioned for further gains if buyers defend the crucial $2,520 to $2,550 range. A clean breakout above $2,620 could see Ethereum attempt another push to retest its late May highs. Traders and investors will closely monitor the $2,780 mark, as breaching this level could confirm a broader uptrend. The overall sentiment remains bullish, with Ethereum's strong performance and technical indicators supporting a positive outlook for the cryptocurrency.