Ethereum Bulls Charge — $3K Target in Sight Following 5% Surge

Ethereum's rally just kicked into high gear—traders are eyeing that psychological $3K level after a blistering 5% climb. Here's why this isn't just another dead-cat bounce.

Technicals Scream Momentum

The breakout cleared key resistance like a hot knife through butter. Shorts got liquidated, spot buying surged—classic FOMO fuel.

Macro Tailwinds at Play

With traditional markets wobbling (thanks, Fed), crypto's proving again why it's the casino of choice for degens and institutions alike. ETH's leading the charge—no surprise given its institutional darling status.

The Cynic's Corner

Wall Street's still trying to 'disrupt finance' with blockchain... while quietly front-running your trades. Some things never change.

Buckle up. This rally's got teeth—and the charts say $3K is just an appetizer.

Ethereum Price Rallies Above $2,700

Ethereum price started a fresh increase above the $2,650 zone, beating Bitcoin. ETH price gained pace for a move above the $2,720 resistance zone and entered a positive zone.

The price even tested the $2,800 resistance. A high was formed at $2,795 and the price is now consolidating gains. It is stable above the 23.6% Fib retracement level of the upward move from the $2,516 swing low to the $2,795 high.

Ethereum price is now trading above $2,720 and the 100-hourly Simple Moving Average. Besides, there is a key parabolic curve forming with support at $2,750 on the hourly chart of ETH/USD.

On the upside, the price could face resistance NEAR the $2,800 level. The next key resistance is near the $2,840 level. The first major resistance is near the $2,880 level. A clear move above the $2,880 resistance might send the price toward the $2,910 resistance.

An upside break above the $2,910 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,980 resistance zone or even $3,000 in the near term.

Are Downsides Supported In ETH?

If ethereum fails to clear the $2,800 resistance, it could start a fresh decline. Initial support on the downside is near the $2,750 level. The first major support sits near the $2,720 zone.

A clear move below the $2,720 support might push the price toward the $2,650 support or the 50% Fib retracement level of the upward move from the $2,516 swing low to the $2,795 high. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.

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 – $2,720

Major Resistance Level – $2,800