Ethereum's price has surged above the $2,500 resistance level, marking a 5% increase. If the price breaks the $2,650 resistance, further gains are possible. Currently, Ethereum is trading above $2,550 and maintaining above the 100-hourly Simple Moving Average.
Key technical indicators point to a bullish trend, with a supportive trend line near $2,520 on ETH/USD's hourly chart. If Ethereum clear the $2,620 and $2,650 resistances, it could rally towards the $2,720 and potentially rise to the $2,800 resistance zone.
However, if Ethereum fails to surpass the $2,650 resistance, it could face a downward trend. Initial support is around $2,600, with major support at the $2,520 zone. A further drop could lead to a decline toward $2,450, $2,400 or the key $2,350 support level.
Technical indicators reflect mixed signals with the Hourly MACD losing momentum in the bullish zone, contrasting with the RSI staying above the 50-zone, highlighting the current optimism among traders.
