Ethereum Price Surges Past $2,700: Bullish Trend Ahead?
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Ethereum (ETH) has experienced a significant price surge, breaking above the $2,700 mark and currently consolidating gains. This upward momentum follows a period of support near the $2,400 level, mirroring a similar trend in Bitcoin. The price successfully overcame resistance levels at $2,500 and $2,550, further fueled by bullish activity that pushed ETH above $2,650 and briefly beyond $2,700. A key bullish trend line with support at $2,540 is also emerging on the hourly chart. Currently, ETH trades above $2,600 and the 100-hourly Simple Moving Average. While the price faces resistance near $2,720 and $2,740, a decisive break above $2,750 could propel it towards $2,840 and potentially higher, reaching $2,880 or even $2,920. However, failure to overcome the $2,740 resistance might trigger a decline. Support levels exist at $2,640, $2,580, and $2,540, with further support at $2,450 and $2,350 if the price falls significantly. Technical indicators, including the hourly MACD and RSI, are exhibiting bullish signals, reinforcing the potential for continued upward movement. The overall picture suggests a bullish outlook for ETH, but the price action around the $2,740 resistance level will be crucial in determining the short-term direction.
(Source: https://www.newsbtc.com/analysis/eth/ethereum-price-pops-above-2700-2/)
