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Ethereum News: A Bullish Surge Above $2,700
In the latest ethereum news, the cryptocurrency has shown a robust increase, initially breaking past the $2,550 resistance zone and now aiming for greater heights above $2,740. Ethereum’s surge comes after strong support at $2,400, much like its counterpart, Bitcoin. The bullish momentum pushed ETH beyond the $2,650 mark and it briefly topped at $2,731.
Currently, Ethereum is consolidating its gains, trading stably above $2,600 and maintaining a position above the 100-hourly Simple Moving Average. A significant bullish trend line has been established with support at $2,540 on the hourly ETH/USD chart.
Potential Resistance and Upside Targets
Looking upwards, Ethereum may encounter resistance near $2,720, with a more crucial barrier at $2,740. Surpassing these levels could see the digital currency targeting higher resistance levels at $2,750 and potentially extending gains towards $2,840. A successful climb above $2,840 could set Ethereum on a path to the $2,880 and $2,920 zones in the near term.
Support Levels to Watch
On the flip side, if Ethereum fails to overcome the $2,740 resistance, there could be a pullback. Immediate support is found near $2,640. More substantial support is positioned around the $2,580 mark, correlating with the 61.8% Fibonacci retracement level of the recent upward trajectory from $2,482 to $2,731. A drop below this could push Ethereum to the $2,540 support level, with further declines potentially leading to a test of $2,450 and even $2,350 support zones.
Technical Indicators Showing Strength
The Hourly MACD for ETH/USD is accelerating within the bullish zone, indicating sustained positive momentum. Meanwhile, the Hourly RSI remains above the 50 mark, suggesting that the buying interest in Ethereum is still strong.
For more detailed updates and analyses, visit our dedicated ethereum section at [Financier News](https://www.financier.news/).
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