Ethereum Price Surges 10% Above $2,400 Amid Bullish Trend
Ethereum (ETH) price has increased above $2,400 after starting from the $2,080 zone and is facing resistance near $2,550.
- ETH broke the $2,350 resistance and is trading above the 100-hourly Simple Moving Average.
- A key bearish trend line was breached at $2,240 on the hourly chart.
- The price tested a high of $2,550 before correcting some gains.
- Resistance levels to clear for further upward movement are at $2,500 and $2,550.
Current Price Movement
After testing the $2,080 support, Ethereum saw a strong increase, surpassing the $2,200 and $2,320 resistance levels.
Trading is currently above $2,350. If ETH breaks past $2,550, it could aim for $2,650, with potential further gains towards $2,780 or $2,850.
Potential Decline Risks
If resistance at $2,550 is not cleared, ETH may decline. Key support levels include:
- $2,400
- $2,360 (50% Fibonacci retracement)
- $2,320
- $2,220
- $2,080
Technical Indicators
- MACD is losing momentum in the bullish zone.
- RSI is above the 50 zone.
- Major Support Level – $2,360
- Major Resistance Level – $2,550