Ethereum Price Jumps Over 5% as Bulls Target $2,720 Resistance

Ethereum price formed a base above the $2,400 level and started a fresh increase. ETH cleared the $2,450 and $2,500 resistance levels to move into a positive zone

Ethereum price is displaying a positive performance, having recently breached the $2,500 resistance level. This development marks a 5% gain for ETH, which could potentially continue if the price manages to clear the $2,650 resistance.

A Base Is Forming Above $2,400

Ethereum price established a strong base above the $2,400 level, which has now prompted a fresh increase. The price has sequentially cleared the $2,450 and $2,500 resistance levels to venture into a positive zone, outpacing Bitcoin in the process.

The bullish momentum has even pushed the price above the $2,600 level. A high was established at $2,650, and the price is currently consolidating its gains. Notably, the price remains above the 23.6% Fib retracement level of the upward wave from the $2,442 swing low to the $2,650 high.

At the time of writing, ETH price is trading above $2,550 and the 100-hourly Simple Moving Average (SMA). An analysis of the hourly chart for ETH/USD also reveals the formation of a key bullish trend line with support at $2,52.

Price Could Rise to $2,800

On the upside, the price appears to be encountering obstacles around the $2,640 level. The first major resistance is situated near the $2,650 level.

A decisive move above the $2,650 resistance could propel the price toward the $2,720 resistance. Furthermore, an upside breakout above the $2,720 resistance might pave the way for even more gains in the upcoming sessions.

In such a scenario, ETH could be poised to rise toward the $2,800 resistance zone in the near term. After that, the next hurdle is positioned around the $2,880 or $2,920 levels.

Another ETH Dip?

If Ethereum fails to clear the $2,650 resistance, it could trigger another decline. The initial support on the downside is present near the $2,600 level.

The first major support is established around the $2,520 zone and the trend line or the 61.8% Fib retracement level of the upward wave from the $2,442 swing low to the $2,650 high.

A clear move below the $2,520 support might push the price toward $2,450. Any further losses could lead the price to the $2,400 support level in the near term. The next key support is situated at $2,350.

Technical Indicators

Hourly MACD: The Moving Average Convergence Divergence (MACD) for ETH/USD is losing momentum in the bullish zone.

Hourly RSI: The Relative Strength Index (RSI) for ETH/USD is now above the 50 zone.

Major Support Level: $2,600

Major Resistance Level: $2,650

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