Ethereum Price Surges Over 8% as ETH Bulls Target $2,500 Resistance

Ethereum price remained well-supported and extended its increase, beating Bitcoin. ETH was able to clear the $2,350 and $2,420 resistance levels.

Ethereum price began a fresh upward move above the $2,420 resistance. ETH is trading close to $2,500 and now consolidating gains.

After forming a base above the $2,300 support, Ethereum price extended its increase, beating Bitcoin. ETH was able to clear the $2,350 and $2,420 resistance levels smoothly.

There was a sharp move to the upside as the price gained nearly 10%. It traded close to the $2,500 resistance zone. A high was formed at $2,493 and the price is now consolidating gains. There was a minor decline below the $2,460 level. The price tested the 23.6% Fib retracement level of the upward move from the $2,277 swing low to the $2,493 high.

However, Ethereum price is still trading above $2,440 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,385 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the upward move from the $2,277 swing low to the $2,493 high.

On the upside, the price seems to be facing hurdles near the $2,480 level. The first major resistance is encountered around the $2,500 level. The next key resistance is close to $2,550.

An upside break above the $2,550 resistance could open the doors for a steeper increase in the upcoming sessions. In the stated case, ETH might aim toward the $2,650 resistance zone in the near term. The next hurdle is seen around the $2,750 or $2,800 levels.

What If ETH Price Drops?

If Ethereum fails to clear the $2,480 resistance, it could start a minor downside correction. Initial support on the downside is encountered around the $2,440 level. The first major support is found near the $2,385 zone and the trend line support.

A clear move below the $2,385 support could push the price toward $2,320. Any further losses might lead the price toward the $2,250 support level in the near term. The next key support is seen around the $2,200 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,385

Major Resistance Level – $2,500

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