Ethereum Price Surges Over 10% Above $2,650 Resistance
Ethereum price has surged above the $2,650 resistance level, increasing over 10% and targeting a move beyond the $2,850 resistance.
- ETH has started a surge above the $2,650 resistance zone.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- A new bullish trend line is forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
- If the price settles above $2,850 and $2,880, it could continue to rise.
Ethereum Price Extends Surge
Ethereum's price increased above the $2,550 resistance, similar to Bitcoin. It surpassed both $2,550 and $2,650, entering a positive zone.
The price even climbed above $2,720 in recent sessions, outperforming BTC. A high was reached at $2,848, indicating potential for further increases. The price is maintaining gains above the 23.6% Fib retracement level from the $2,357 swing low to the $2,848 high.
Currently, Ethereum trades above $2,700 and the 100-hourly Simple Moving Average. A bullish trend line has formed with support at $2,730.
Resistance is present near $2,850, with major resistance at $2,880 and primary resistance around $2,950. A clear move beyond $2,950 could drive the price toward the $3,000 resistance.
An upside break past $3,000 may lead to further gains, potentially reaching the $3,250 resistance zone.
Are Dips Supported In ETH?
If Ethereum does not surpass the $2,850 resistance, a downside correction may begin. Initial support is near $2,800, with major support at $2,720 and along the trend line.
A drop below $2,720 could push the price to $2,650, with further declines leading toward the $2,550 support level. The next key support is at $2,500.
Technical Indicators:
Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI: The RSI for ETH/USD is now above the 50 level.
Major Support Level: $2,850
Major Resistance Level: $2,720