Ethereum has recorded a new strong price surge, surpassing the important resistance area of $2,650 and is currently stabilizing above the $2,720 mark. The bullish momentum is being reinforced, opening up the potential for ETH to continue towards the resistance level of $2,800 and higher in the near future.

ETH Impressively Outpacing Bitcoin

In recent trading hours, Ethereum has shown exceptional strength, rising stronger than Bitcoin. ETH price broke through the resistance area of $2,650 and quickly regained the positive price range above $2,720. Furthermore, bulls have pushed the price close to the resistance level of $2,800 – a significant technical threshold. A short-term peak was established at $2,795 before ETH began to accumulate again.

Currently, ETH is trading steadily above the 100-hour simple moving average (100-SMA) and is holding above the important support level of $2,720. Additionally, a parabolic curve is forming on the hourly chart of the ETH/USD pair, serving as a key support area around $2,750.

Important Resistance and Support Levels

  • Nearest resistance: $2,800

  • Next strong resistance: $2,840

  • Major resistance to watch: $2,880

If ETH can clearly surpass the $2,880 area and maintain above it, the price is likely to continue rising to higher levels like $2,910, even approaching the psychological area of $2,980 - $3,000 in the short term.

However, if the bulls fail to overcome the $2,800 barrier, ETH may face a short-term downward correction.

Bearish Scenario – Is It Concerning?

If Ethereum turns bearish, the initial support level is at $2,750. The more significant support area is $2,720, coinciding with the recent accumulation area and also the Fib 38.2% level of the increase from $2,516 to $2,795.

Breaking below the $2,720 area could pave the way for a deeper decline towards the $2,650 area or the 50% Fib level near $2,655. In a more negative scenario, ETH could fall to the next strong support area at $2,550 or even $2,500.

Technical Indicators

  • MACD (hourly chart): Continuing to remain in the bullish zone, indicating positive momentum is maintained.

  • RSI (Relative Strength Index): Has surpassed the 50 mark, confirming a bullish trend in the short term.

Conclusion

Ethereum is showing solid technical signals for a bullish trend after breaking through important resistance areas. As long as ETH stays above the support area of $2,720, the next price surge to $2,800 and beyond is entirely feasible. However, investors should note key support areas in case of market corrections to protect trading positions.