This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Ethereum’s price has experienced a significant surge, surpassing the $2,200 resistance level. It is currently trading above $2,150 and the 100-hourly Simple Moving Average. A bullish trend line is forming with support near $2,190. If the price manages to clear the $2,220 resistance zone, it could continue its rally. After settling above $2,000, Ethereum gained bullish momentum and broke through the $2,120 resistance. It even surpassed the $2,200 level, similar to Bitcoin’s rise above $40,000. The price reached a new multi-month high at around $2,229 and is now consolidating its gains. It is currently trading above the 23.6% Fib retracement level and the 100-hourly Simple Moving Average.On the upside, the price is facing resistance near the $2,220 zone, with the first key resistance at $2,250. If it surpasses this level, the next resistance sits at $2,320, followed by $2,450. Further gains could potentially lead to a move towards $2,650 and even $2,800.However, if Ethereum fails to clear the $2,220 resistance, a downside correction may occur. The initial support is near $2,190 and the trend line. The next key support is at $2,165, followed by $2,120. A break below $2,120 could initiate a steady decline, with the main support at $2,050. If this level is breached, there is a risk of the price moving towards $2,000 in the near term.Technical indicators show that the MACD for ETH/USD is gaining momentum in the bullish zone, while the RSI is above the 50 level.In summary, Ethereum’s price has surged above key resistance levels and is currently consolidating its gains. If it continues to clear resistance zones, it could experience further upward movement. However, a failure to do so may result in a downside correction.