Ethereum Surges Over 5%, Strategising for Resistance Breakouts

Ethereum’s price increased by over 5%, now near $2,720 after finding support at $2,550. There’s potential for a breakout above $2,800, which could lead to higher levels like $2,920. However, failing to surpass $2,780 could prompt a decline, with key support at $2,700 and $2,650.

Ethereum has shown remarkable strength recently, finding solid support at $2,550 and beginning to climb upwards, now boasting an increase of over 5%. As it trades near $2,720, attention is turning to potential moves against Bitcoin, with anticipations of challenging the pivotal $2,800 resistance level soon.

This uptrend really kicked off after ETH comfortably vaulted over both $2,620 and $2,650 resistance points. What’s notable here is that resistance from the bears has made itself felt around the $2,785 level, causing some consolidation above the 23.6% Fibonacci retracement of the latest price rise from $2,610 to $2,787.

Now, with Ethereum holding near $2,720 and in proximity to the 100-hourly Simple Moving Average, there’s fresh interest in the emerging bullish trend line that presents support around $2,610 on ETH/USD’s hourly chart. Still, traders should stay cautious of the resistance lurking at around $2,780, with $2,800 promising to be the next crucial barrier.

If Ethereum can break through the $2,800 resistance, it might ignite further upside momentum, possibly targeting $2,920 or even $2,950 in the short-term. The potential for continued gains certainly grabs the attention of market enthusiasts who are following this bullish surge closely.

It’s worth noting, though, that should ETH fail to overcome the $2,780 barrier, things could take a turn downwards. Immediate support can be found near the $2,700 mark, with a more significant line of defence around $2,650—right next to the critical 76.4% Fibonacci retracement level from the recent bullish move.

Should Ethereum break through the $2,650 support, it might then test the $2,610 support once again. If the price continues to drop, it would likely reach the $2,550 support level, and ultimately, the next key support could lie at $2,500.

In terms of technical indicators for ETH/USD, the hourly MACD reveals that bullish momentum is indeed on the rise, while the relative strength index (RSI) sits above the 50 mark, indicating sustained positive sentiment. With major support mapped at $2,700 and crucial resistance at $2,780, traders should prepare for an inevitably turbulent ride ahead.