Ethereum Smashes Through $2,700 as Bulls Charge Back Into Crypto

ETH’s rally defies the skeptics—again. The second-largest cryptocurrency just punched through a key resistance level, leaving bagholders of ’stable’ bonds eating dust.

Technical breakout or trap? Chartists point to rising volume and a clean break above the 50-day moving average. Meanwhile, Wall Street analysts scramble to justify why a 12% weekly gain is ’transitory.’

Next stop: $3,000? The crowd’s betting yes—but then again, these are the same degenerates who thought Dogecoin was a retirement plan.

Ethereum Price Restarts Rally

Ethereum price remained supported and started a fresh increase above $2,550, beating Bitcoin. ETH gained pace for a MOVE above the $2,620 resistance zone.

There was a break above a connecting bearish trend line with resistance at $2,450 on the hourly chart of ETH/USD. The bulls were able to push the price above the $2,700 resistance zone. A high was formed at $2,736 and the price is now correcting gains.

There was a minor decline below the 23.6% Fib retracement level of the upward move from the $2,416 swing low to the $2,736 high. However, the bulls are still active above $2,620.

Ethereum price is now trading above $2,640 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles NEAR the $2,720 level. The next key resistance is near the $2,735 level. The first major resistance is near the $2,750 level.

A clear move above the $2,750 resistance might send the price toward the $2,840 resistance. An upside break above the $2,840 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,880 resistance zone or even $2,950 in the near term.

Another Pullback In ETH?

If ethereum fails to clear the $2,720 resistance, it could start a fresh downside correction. Initial support on the downside is near the $2,600 level. The first major support sits near the $2,575 zone and the 50% Fib retracement level of the upward move from the $2,416 swing low to the $2,736 high.

A clear move below the $2,575 support might push the price toward the $2,500 support. Any more losses might send the price toward the $2,420 support level in the near term. The next key support sits at $2,350.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,720

Major Resistance Level – $2,575