Ethereum Surges 7% Toward $2,800 Resistance

Ethereum (ETH) has recently demonstrated notable gains in the cryptocurrency market, with a 4.5% increase that has brought it close to key resistance levels. This upward momentum has sparked interest among traders and analysts, who are closely monitoring the price action to gauge potential short-term declines or mid-term rallies.

Technical analysis indicates that Ethereum is currently navigating a critical juncture, with its price hovering near a local support level around $2,765. If ETH fails to maintain this support, it could trigger a further decline toward the $2,750 zone. This scenario is particularly relevant within the short-term trading window, emphasizing the need for close observation of price action in the coming hours. Intraday charts reveal that a candle close with a long wick, especially if it deviates significantly from the previous day’s peak, may indicate weakening bullish momentum. Such a pattern often precedes a retracement, potentially pushing ETH prices into the $2,700-$2,750 range.

Looking beyond daily fluctuations, the weekly bar closure emerges as a critical indicator for Ethereum’s midterm trajectory. Should ETH close near the resistance level of $2,857, it could accumulate sufficient buying pressure to propel the price toward the psychologically significant $3,000 mark. This potential breakout would not only reinforce Ethereum’s bullish trend but also attract increased institutional interest, further supporting price appreciation. The pivot point is set at $2,595.10, with the first support level at $2,525.42. This technical setup suggests that Ethereum could experience a short-term decline if it fails to break through the resistance, or it could rally mid-term if it successfully surpasses this barrier.

Ethereum's price has been on an upward trend, with a notable increase of over 7% in the past 24 hours, bringing it close to the crucial barrier at $2,800. This price movement indicates a strong bullish sentiment in the market, as Ethereum has been able to defend key support levels despite market volatility. The cryptocurrency has held firm in the $2,000 to $2,100 range, demonstrating its resilience and potential for further growth. Technical analysts are forecasting a potential price surge of 40% to 50%+ if the bullish momentum sustains and key resistance levels are cleared with conviction. This optimistic outlook is supported by the fact that Ethereum has been able to stay above critical support levels, such as the 50-day and 100-day Exponential Moving Averages (EMAs) at approximately $2,467 and $2,408, respectively. As long as Ethereum remains above these levels, the bullish bias is expected to remain intact, paving the way for a potential rally.

The current price action of Ethereum is forming a Meghahorne pattern, which is a key element in the chart analysis. This pattern suggests a potential wave count of 1, 2, 3, 4, 5, indicating a possible continuation of the upward trend. The time frame for this analysis spans from late June to July 10, 2025, providing a clear picture of Ethereum's recent price movements and potential future directions. Market participants are advised to monitor volume trends and macroeconomic factors that may influence ETH’s price stability. The interplay between technical resistance and broader market conditions will likely dictate the sustainability of any upward movement. Incorporating these elements into trading strategies can enhance decision-making and optimize entry and exit points.

In conclusion, Ethereum is at a pivotal moment, with its price nearing key resistance levels. The cryptocurrency's ability to break through these levels will determine whether it experiences a short-term decline or a mid-term rally. The bullish sentiment in the market, supported by technical analysis and key support levels, suggests that Ethereum has the potential for significant growth in the coming weeks. However, investors should remain cautious and monitor the price action closely, as the cryptocurrency market is known for its volatility and unpredictability. Traders should prioritize monitoring key technical indicators, particularly the weekly bar closure, to gauge the likelihood of a breakout toward $3,000. Maintaining a disciplined approach grounded in technical analysis will be essential for navigating the evolving crypto landscape effectively.