Ethereum Surges 30% to $2,817 Breaking $2,800 Resistance

Ethereum has recently surged past the $2,800 resistance level, marking a significant milestone in its price trajectory. The cryptocurrency is currently trading around $2,817, following a 30% increase from its June lows near $2,100. This breakout has positioned Ethereum just below the critical $2,800–$3,000 resistance zone, indicating a strong bullish momentum.

Key resistance levels that traders should monitor include $2,840, $2,880, and $2,910. A successful move above these levels could propel Ethereum towards higher targets. The recent surge has been supported by an upswing in spot volumes, which suggests a robust demand for the cryptocurrency. Additionally, the Guppy multiple moving average system has provided a fresh bullish signal, further reinforcing the potential for continued upward movement.

The breakout above the $2,800 supply zone, which had previously capped upside movements in May and June, suggests a potential shift in market sentiment. With prices firmly above the Ichimoku cloud and an RSI above 70, any pullbacks are likely to be shallow and well-supported around $2,600. This indicates that the bullish trend is gaining traction, and Ethereum could be poised for further gains.

Ethereum’s market capitalization stands at $353.55 billion, with a circulating supply of 120.71 million ETH. The asset’s fully diluted valuation also matches its market cap, showing no active inflation. Institutional interest has increased. SharpLink Gaming acquired over 205,000 ETH, valued at $618 million. CME open interest also rose to $3.27 billion. Layer 2 activity continues rising. Platforms like Arbitrum and zkSync have recorded high transaction counts and total value locked (TVL). Analysts also observe strong Ethereum staking trends and stable gas fees.

The next key levels to watch for Ethereum include resistance at $3,066, $3,400, and $3,525. Support levels to monitor are $2,880, $2,600, and $2,370. These levels will be crucial in determining the short-term and long-term direction of Ethereum's price movement. As the cryptocurrency continues to gain momentum, traders and investors will be closely watching these levels to make informed decisions.

Ethereum has broken the key $2,800 resistance level, according to an analysis prepared by Ted Pillows. This move confirmed a bullish breakout as the price reclaimed a previously contested area. The move came with increased buying activity and rising momentum. ETH rebounded from a mid-June low near $2,300, and it steadily climbed to $2,928.83. The $2,745 zone, which previously served as resistance, was cleared in early July, strengthening the structure. Short-term market structure now favors continued upside movement.

The next levels analysts are tracking include $3,200 and $3,600. Ethereum’s monthly gain stands at 5.84%, with technical momentum still building. Market participants are now watching if Ethereum can sustain its position above $2,800 and $2,945.