Ethereum Surges 2.6% to $2,580, Bullish Trend Intact

Ethereum's price has recently shown a positive turn, with the cryptocurrency starting a fresh increase above the $2,550 zone. The price is currently trading above $2,580 and the 100-hourly Simple Moving Average, indicating a bullish trend. There is a key bullish trend line forming with support at $2,550 on the hourly chart of ETH/USD, suggesting that the pair could start a fresh increase if it remains supported above the $2,550 zone in the near term.

Ethereum's price has gained pace for a move above the $2,600 resistance zone and entered a positive zone. The price even tested the $2,620 resistance, forming a high at $2,627. It is now consolidating gains and is stable above the 23.6% Fib retracement level of the upward move from the $2,515 swing low to the $2,627 high. On the upside, the price could face resistance near the $2,620 level, with the next key resistance at $2,650. The first major resistance is near the $2,680 level. A clear move above the $2,680 resistance might send the price toward the $2,780 resistance. An upside break above the $2,780 resistance might call for more gains in the coming sessions, with Ether potentially rising toward the $2,880 resistance zone or even $2,920 in the near term.

If Ethereum fails to clear the $2,620 resistance, it could start a fresh decline. Initial support on the downside is near the $2,570 level, with the first major support sitting near the $2,520 zone and the trend line. A clear move below the $2,520 support might push the price toward the $2,450 support. Any more losses might send the price toward the $2,350 support level in the near term. The next key support sits at $2,320.

Technical indicators suggest that the MACD for ETH/USD is losing momentum in the bullish zone, while the RSI for ETH/USD is now above the 50 zone. The major support level is at $2,520, with the major resistance level at $2,620. Market analyst Ted Pillows identifies two key liquidity levels for ETH: $2,800 on the upside and $2,350 on the downside. These zones represent the most likely areas for significant price movements. If Ethereum can break above $2,800, it could signal a strong bullish trend, while a drop below $2,350 could indicate a bearish reversal.

Despite the positive momentum, Ethereum's price has been consolidating in a tight range, with attempts to break and sustain the price above and below the range being unsuccessful. The daily chart shows that Ethereum is trading at $2,550, holding above its key moving averages. The price started a fresh increase above the $2,520 zone and is now correcting some gains, with the potential to aim for a fresh move above $2,580. In summary, Ethereum's price has turned positive, with bullish momentum building and support holding near key levels. If the current momentum holds, further upside is likely, with resistance levels at $2,620 and $2,650. However, a break below key support levels could signal a bearish reversal. Investors should keep an eye on the $2,800 and $2,350 liquidity levels, as these zones represent the most likely areas for significant price movements.