Ethereum Price Explodes Past $2,200 with 25% Surge—Momentum Builds Fast

NewsBTC
Updated
Mitrade
coverImg
Source: DepositPhotos

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.


Ethereum Price


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 MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

  • Hourly RSIThe 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.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Dogecoin (DOGE) Rockets to $0.20 — Can It Go Even Higher?Dogecoin started a fresh increase above the $0.180 zone against the US Dollar.
Author  NewsBTC
Yesterday 06: 41
Dogecoin started a fresh increase above the $0.180 zone against the US Dollar.
placeholder
Bitcoin's surge to new all-time high sparks $1 billion in short liquidationsBitcoin (BTC) traded above 4% on Thursday after soaring to a new all-time high above $116,800. The rally, which appears to be leverage-driven, triggered over a $1 billion short-squeeze across the entire crypto market.
Author  FXStreet
Yesterday 03: 24
Bitcoin (BTC) traded above 4% on Thursday after soaring to a new all-time high above $116,800. The rally, which appears to be leverage-driven, triggered over a $1 billion short-squeeze across the entire crypto market.
placeholder
Bitcoin crosses $117K as Ether hits $3,000 and XRP surges by 5%Bitcoin is now sitting above $117,000 for the first time in its history, rising more than 60% since its lowest point in April.
Author  Cryptopolitan
Yesterday 01: 39
Bitcoin is now sitting above $117,000 for the first time in its history, rising more than 60% since its lowest point in April.
placeholder
Ethereum Price Forecast: ETH tests $3,000 following strong ETF and treasury inflowsEthereum (ETH) climbed above $2,900 on Thursday, mimicking the rally seen in Bitcoin.
Author  FXStreet
Yesterday 01: 36
Ethereum (ETH) climbed above $2,900 on Thursday, mimicking the rally seen in Bitcoin.
placeholder
Crypto market sees $500 million in liquidation as Bitcoin hit record highs amid dovish Fed minutesThe crypto market continues to trade in the green on Thursday, following the previous day's surge as Bitcoin (BTC) reached a new all-time high of $111,999.
Author  FXStreet
Jul 10, Thu
The crypto market continues to trade in the green on Thursday, following the previous day's surge as Bitcoin (BTC) reached a new all-time high of $111,999.
Real-time Quote