$ETH 's New Surge Has Outperformed Bitcoin With Bullish Breakout

Key Highlights:

* Ethereum (ETH) surged over 5% from the $2,550 support, outperforming Bitcoin.

* Currently trading near $2,720, ETH faces resistance at $2,780 and $2,800.

* Technical indicators suggest potential for further gains if key resistance levels are breached.

Ethereum depicts strength, rallying over 5% from the $2,550 support level. This upward movement has allowed $ETH to surpass the $2,620 and $2,650 resistance levels.

The price is now hovering around $2,720. The 100-hourly Simple Moving Average is also near this level, indicating a consolidation phase. 

Ethereum's Bullish Momentum Continues

A bullish trend line is forming with support at $2,610 on the hourly chart of ETH/USD, suggesting a continued upward trajectory.

Immediate resistance is near $2,780, with a barrier at $2,800. An upward movement above these levels could make ETH target $2,880, with $2,920 as resistance.

However, it may lead to a downside correction if it doesn’t overcome the $2,780 resistance. Right now, the initial support lies at $2,700, with the next support at $2,650.

This aligns with the recent upward move's 76.4% Fibonacci retracement level. A drop below $2,650, we may see ETH revisiting the $2,610 and $2,550 support levels.

Technical Indicators

* Hourly MACD: Gaining momentum in the bullish zone.

* Hourly RSI: Positioned above the 50 zone, indicating bullish sentiment.

At the time of writing, $ETH is trading at $2,727.71, reflecting a 3.78% increase from the previous close. The intraday high and low are $2,771.29 and $2,621.60, respectively.