Ethereum Price Surges Above $2,700 with Key Resistance at $2,740

Ethereum (ETH) price is experiencing an upward trend, moving above $2,550 and currently consolidating with potential gains above $2,740.

ETH recently increased past the $2,700 level.
Current trading is above $2,600 and the 100-hourly Simple Moving Average.
A bullish trend line has formed with support at $2,540 on the hourly ETH/USD chart.
A breakout above the $2,740 resistance may trigger further gains.

Price Movement Overview

ETH found support around $2,400 and has surpassed resistance levels at $2,500 and $2,550. The price peaked at $2,731 and is now consolidating above the 23.6% Fib retracement level.

Resistance levels ahead are at $2,720 and $2,740, with a major resistance at $2,750. A successful move above $2,750 could lead to a rise towards $2,840 or higher.

Potential Downward Risks

If ETH does not break through the $2,740 resistance, it may decline. Key support levels include:

$2,640
$2,580 (major support)
$2,540
$2,450
$2,350

Technical indicators show that the MACD is gaining momentum in the bullish zone, and the RSI is above 50.

Major Support Level: $2,640

Major Resistance Level: $2,740