Ethereum Surges 7% to $2,520 on Bullish Trend

Ethereum's price has recently found support at $2,350, initiating a fresh upward trend. The cryptocurrency has surged past key resistance levels, including $2,480 and $2,500, and is currently trading above $2,520. This upward momentum is further supported by a bullish trend line forming at $2,500 on the hourly chart of ETH/USD.

Despite an initial downward correction below the $2,500 level, Ethereum's price found support near the $2,450 zone, forming a low at $2,445. From this point, the price began a fresh increase, surpassing the 50% Fib retracement level of the downward wave from the $2,588 swing high to the $2,445 low. This upward movement indicates a potential breakout rally, with the next key resistance levels at $2,555, $2,585, and $2,620.

If Ethereum successfully clears the $2,620 resistance, it could potentially rise toward the $2,650 resistance zone or even reach $2,720 or $2,800 in the near term. However, if the price fails to surpass the $2,620 resistance, it could start a fresh decline, with initial support near the $2,500 level and the trend line. A clear move below the $2,450 support might push the price toward the $2,420 support, and further losses could send the price toward the $2,320 support level, with the next key support at $2,250.

Technical indicators, such as the hourly MACD and RSI, are currently in the bullish zone, suggesting a potential for further gains. The MACD for ETH/USD is gaining momentum in the bullish zone, while the RSI for ETH/USD is now above the 50 zone. These indicators, along with the bullish trend line, suggest that Ethereum's price could continue to rise in the near term, with key resistance levels at $2,620 and $2,650.