Ethereum Surges 35% Breaching $2,500 Resistance
1min read Ethereum's price has shown a remarkable surge, defying gravity and continuing its upward trajectory. The cryptocurrency has recently breached the $2,350 resistance level, marking a significant milestone in its price movement. This surge has propelled Ethereum to gain over 35% in value, with the price now consolidating around the $2,500 zone. The bullish trend is further supported by Ethereum's ability to surpass the $2,500 resistance zone, reaching a high of $2,606 before experiencing a minor decline.
The current price of Ethereum is trading above $2,500 and the 100-hourly Simple Moving Average. A connecting bullish trend line is forming with support at $2,480 on the hourly chart of ETH/USD. This trend line suggests that Ethereum may continue its upward movement if it can break through the $2,600 resistance level. The next key resistance levels are identified at $2,620 and $2,650, with a potential for further gains toward the $2,720 or even $2,780 resistance zones if the price manages to surpass these levels.
However, if Ethereum fails to clear the $2,550 resistance, it could initiate a fresh downside correction. Initial support on the downside is near the $2,470 level, with the first major support sitting near the $2,440 zone. A clear move below the $2,440 support might push the price toward the $2,350 support, and any further losses could send the price toward the $2,270 support level. The next key support is identified at $2,220.
Technical indicators such as the Hourly MACD and RSI provide additional insights into Ethereum's price movement. The MACD for ETH/USD is losing momentum in the bullish zone, while the RSI for ETH/USD is now above the 50 zone. These indicators suggest that while the bullish trend is still intact, there may be some consolidation or correction in the near term. The major support level is identified at $2,440, while the major resistance level is at $2,550.
