Ethereum surges 8% breaking $2,350 resistance

Ethereum's price has surged, breaking through the $2,350 resistance level with an impressive 8% gain. This upward momentum began from the $2,120 support level, with the cryptocurrency successfully clearing key resistance points at $2,200 and $2,250. The price is now trading above $2,300 and the 100-hourly Simple Moving Average, indicating a strong bullish trend.

The break above a key bearish trend line with resistance at $2,240 on the hourly chart of ETH/USD further solidifies this upward movement. The bulls have pushed the price above the 61.8% Fib retracement level of the downward move from the $2,568 swing high to the $2,114 low, suggesting a potential continuation of the upward trend.

Looking ahead, the next key resistance levels are near $2,440 and $2,460. A clear move above the $2,460 resistance could send the price toward the $2,500 resistance level, with further potential gains toward $2,550 and even $2,620 or $2,650 in the near term. However, if Ethereum fails to clear the $2,460 resistance, it could start a fresh decline, with initial support near the $2,340 level and major support at $2,320. A move below $2,320 could push the price toward the $2,250 support level, with further potential losses toward $2,150 and the key support at $2,120.

The hourly MACD for ETH/USD is losing momentum in the bullish zone, while the hourly RSI is now above the 50 zone, indicating a bullish sentiment. The major support level is at $2,320, and the major resistance level is at $2,460. This analysis is based on the current price action and technical indicators, providing a clear picture of the potential price movements for Ethereum in the near term.