Ethereum Bulls Set Sights on $2,850: Is a Surge Imminent?

Ethereum’s price is witnessing a robust upward trend, extending gains beyond the pivotal $2,650 resistance level. If it successfully breaks through the $2,750 resistance zone, ETH could potentially surge toward $2,850.

Ethereum’s Current Market Position

Ethereum has maintained a positive momentum above the key resistance levels of $2,580 and $2,620.

The price is currently trading above $2,650, supported by the 100-hourly Simple Moving Average.

A crucial bullish trend line is forming, offering support near $2,680 on the hourly chart of ETH/USD (data feed via Kraken).

If Ethereum surpasses the resistance levels of $2,750 and $2,780, it could see further upward movement.

Ethereum Price Aims For More Gains

In parallel with Bitcoin, Ethereum’s price has remained stable, standing firm above the $2,600 mark. ETH extended its gains past the $2,650 resistance level, indicating a shift into a stronger positive zone. The price successfully cleared the $2,700 hurdle and reached a high of $2,765. Currently, Ethereum is consolidating its gains, with a slight decline below $2,740. However, it remains steady above the 23.6% Fib retracement level from the upward move originating at the $2,576 swing low to the $2,765 peak.

At present, Ethereum is hovering above $2,650 and is supported by the 100-hourly Simple Moving Average. A bullish trend line is forming, providing support around $2,680 in the ETH/USD hourly chart. This trend line aligns closely with the 50% Fib retracement level of the previous upward trend from $2,576 to $2,765.

Potential Resistance Levels

Despite its positive momentum, Ethereum faces significant resistance near the $2,750 level. The first major resistance point is at $2,765. If Ethereum can clearly break above this resistance, it could propel the price towards the $2,840 resistance level. An upward breach beyond the $2,840 mark could lead to more gains in subsequent trading sessions.

In this scenario, Ether might climb towards the near-term $2,880 resistance zone. The next challenge would be near the $2,920 or possibly $2,950 levels.

Potential Downside for Ethereum

However, if Ethereum is unable to overcome the $2,750 resistance, it may experience another downward movement. Initial support on the downside is anticipated near the $2,720 level, with the first significant support situated near the $2,680 zone and the trend line.

A distinct move below the $2,720 support level might push Ethereum’s price towards $2,650. Further losses could drive the price downward to the $2,620 support level in the short term, with the next crucial support sitting at $2,550.