$ETH
Is #ETH Ethereum (ETH) Ready to Surge?
Ethereum (ETH) continues to show strength above the $2,500 level and recently started a decent uptrend, similar to Bitcoin (BTC). After breaking through the $2,620 resistance, Ethereum (ETH) is now in a short-term bullish zone. With a break above a key contracting triangle with resistance at $2,700 on the hourly chart of ETH/USD, the currency looks set to surge higher.
After breaking through the $2,720 level, Ethereum (ETH) tested the 50% Fib retracement level of the decline from the $2,845 to $2,605. Currently, Ethereum (ETH) price is trading above $2,680 and the 100-hourly simple moving average. However, on the upside, Ethereum (ETH) seems to be facing resistance near the $2,725 level.
The first major resistance is near the $2,755 level, or the 61.8% Fib retracement level of the same decline. If Ethereum (ETH) manages to clear the $2,820 resistance, the price could head towards $2,880. A break above this resistance could trigger further upside in the coming sessions. In that scenario, Ethereum (ETH) could rise towards the $2,920 resistance zone or even $3,000 in the short term.
