Ethereum Surges Over 10%, Breaks $2,000 Resistance; Eyes $2,200 Next

• Ethereum price climbs over 10%, breaking key resistance levels and trading above $2,050.
• A short-term rising channel forms with support near $2,115, indicating positive signs for further gains.
• Resistance is near $2,135 with the potential for a push towards $2,200; significant support at $2,080.

Ethereum’s price showcases an impressive surge, exceeding the $2,000 resistance and demonstrating notable strength compared to Bitcoin. As the price consolidates around $2,125, a potential move toward the $2,200 resistance is in focus, supported by technical indicators and positive market sentiment.

Ethereum successfully broke through hurdles around $1,920, initiating a robust increase. The surge surpassed the $2,000 resistance level, with the current consolidation near $2,125. A new multi-week high at $2,137 indicates strong momentum.

A short-term rising channel, supported by the hourly chart of ETH/USD, forms a critical support level near $2,115. Ethereum trades above $2,050 and the 100-hourly Simple Moving Average, further bolstering the bullish outlook.

The immediate resistance lies near $2,135; a breakthrough could pave the way toward $2,150. Beyond this level, the price may accelerate towards the $2,200 resistance. A successful breach here could set Ethereum on a trajectory towards $2,250, with the following key resistance at $2,320.

If Ethereum encounters resistance at $2,135, a corrective move may occur. Initial support is expected to be near $2,115 along the channel’s trend line. A more significant support level sits at $2,080, followed by a crucial level at $2,000 or the 61.8% Fibonacci retracement level of the recent rally.

Technical Indicators: Positive Momentum for ETH

The hourly MACD for ETH/USD demonstrates gaining momentum in the bullish zone, reflecting the current positive sentiment. The hourly RSI is above 50, indicating strength in Ethereum’s upward momentum.

Ethereum’s surge past $2,000 and its outperformance against Bitcoin signal a bullish trend. Traders anticipate a potential move towards the $2,200 resistance, supported by technical indicators. Key resistance at $2,135 and firm support levels will likely determine the short-term price action for Ethereum.