Ethereum Price Explodes Past $2,200 with 25% Surge—Momentum Builds Fast
Ethereum price started a fresh surge above the $2,000 zone. ETH is now up over 25% and consolidating gains near the $2,200 zone.
Ethereum started a fresh surge above the $2,000 resistance.
The price is trading above $2,120 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $2,150 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up if it breaks the $2,250 resistance level.
Ethereum Price Surges Above $2,000
Ethereum price remained supported and started a fresh increase above $1,880, beating Bitcoin. ETH gained pace for a move above the $1,950 resistance zone.
The bulls were able to push the price above the $2,000 resistance zone. The price gained over 25% and recently surpassed the $2,200 resistance zone. A high was formed at $2,241 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $1,752 swing low to the $2,241 high.
Ethereum price is now trading above $2,200 and the 100-hourly Simple Moving Average. Besides, there is a connecting bullish trend line forming with support at $2,150 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,240 level. The next key resistance is near the $2,250 level. The first major resistance is near the $2,320 level. A clear move above the $2,320 resistance might send the price toward the $2,450 resistance. An upside break above the $2,450 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,500 resistance zone or even $2,550 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,250 resistance, it could start a fresh downside correction. Initial support on the downside is near the $2,200 level. The first major support sits near the $2,150 zone and the trend line.
A clear move below the $2,150 support might push the price toward the $2,075 support. Any more losses might send the price toward the $2,020 support level in the near term. The next key support sits at $2,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,150
Major Resistance Level – $2,250
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
