Ethereum Price Surges And Clears $2500

Ethereum price started a fresh surge above the $2350 zone. ETH is now up over 35% and consolidating gains near the $2500 zone.

This is a press release from BENzinga

Ethereum price started a fresh surge above the $2,350 zone. ETH is now up over 35% and consolidating gains near the $2,500 zone.

* Ethereum price remained supported and started a fresh increase above $2,200, outperforming Bitcoin. ETH gained pace for a move above the $2,350 resistance zone.

* The bulls were able to push the price above the $2,500 resistance zone. The price gained over 35% and recently surpassed the $2,550 resistance zone. A high was formed at $2,606 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $2,272 swing low to the $2,606 high.

* Ethereum price is now trading above $2,500 and the 100-hourly Simple Moving Average. Besides, there is a connecting bullish trend line forming with support at $2,480 on the hourly chart of ETH/USD.

* On the upside, the price seems to be facing hurdles near the $2,550 level. The next key resistance is at the $2,600 level. The first major resistance is at the $2,620 level. A clear move above the $2,620 resistance might send the price towards the $2,650 resistance.

* An upside break above the $2,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise towards the $2,720 resistance zone or even $2,780 in the near term.

* If Ethereum fails to clear the $2,550 resistance, it could start a fresh downside correction. Initial support on the downside is at the $2,470 level. The first major support is located at the $2,440 zone and the 50% Fib retracement level of the upward move from the $2,272 swing low to the $2,606 high.

* A clear move below the $2,440 support might push the price towards the $2,350 support. Any more losses might send the price towards the $2,270 support level in the near term. The next key support is at $2,220.

Now, let's look at some technical indicators on the hourly chart of ETH/USD.

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

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

Those who prefer to trade in a smaller time frame may also note that there was a triple top formation in the $2,530-$2,550 zone, which could be used to set a short-term resistance. An upside break of this triple top resistance is required to open the door for more gains.