Ethereum Smashes Through $2,700 Barrier—Bull Market Revival or Another Crypto Head Fake?

Ethereum bulls just got a shot of adrenaline as ETH punches past $2,700—its highest level since the 2024 market carnage. But is this the real deal or just another liquidity trap for overleveraged degens?

The move comes amid surging gas fees and renewed institutional interest (or as we call it in trad-fi: 'latecomers panic-buying the dip').

Technical indicators scream bullish, but let's not forget—this is crypto. The same asset that turned 'HODL' into a survival strategy could just as easily rug-pull retail before Wall Street finishes its morning coffee.

Ethereum Price Regains Pace

Ethereum price started a fresh increase after it found support near the $2,400 level, like Bitcoin. ETH price was able to clear the $2,500 and $2,550 resistance levels.

The bulls pushed the price above $2,650. ETH even spiked above $2,700. A high was formed at $2,731 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward MOVE from the $2,482 swing low to the $2,731 high.

Ethereum price is now trading above $2,600 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2,540 on the hourly chart of ETH/USD.

On the upside, the price could face resistance NEAR the $2,720 level. The next key resistance is near the $2,740 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 $2,920 in the near term.

Are Dips Supported In ETH?

If ethereum fails to clear the $2,740 resistance, it could start a fresh decline. Initial support on the downside is near the $2,640 level. The first major support sits near the $2,580 zone and the 61.8% Fib retracement level of the upward move from the $2,482 swing low to the $2,731 high.

A clear move below the $2,580 support might push the price toward the $2,540 support. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits at $2,350.

Technical Indicators

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

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

Major Support Level – $2,640

Major Resistance Level – $2,740