As of May 23, 2025, Ethereum (ETH) is exhibiting strong bullish momentum, trading around $2,676.92. This surge is supported by several key factors:
Market Dynamics:
Price Movement: $ETH has experienced a notable increase, with a 4.2% rise over the past 24 hours, reaching levels last seen in February 2025 .
Trading Volume: There has been a significant uptick in trading activity, with a 20% increase in 24-hour spot trading volume on Binance, totaling $15.1 billion .
Technical Indicators:
Resistance and Support Levels: $ETH is approaching a key resistance at $2,800. A successful breakout could target the $3,000 mark. Immediate support is identified at $2,740, with a deeper level at $2,650 if bearish pressure emerges .
Momentum Indicators: The Relative Strength Index (RSI) stands at 62, indicating room for further upside before entering overbought territory. Additionally, the Moving Average Convergence Divergence (MACD) has shown a bullish crossover, suggesting strengthening momentum .
