Ethereum continues to gain momentum as its price surges above the $2,320 resistance zone, experiencing a 5% increase. This surge suggests that Ethereum is finally outperforming Bitcoin and gaining bullish momentum.
Currently, Ethereum is trading above the $2,350 level and the 100-hourly Simple Moving Average. Additionally, a connecting bullish trend line is forming with support at $2,380 on the hourly chart of ETH/USD.
If this bullish trend continues, Ethereum could potentially rally towards the $2,500 and $2,550 resistance levels. The first major resistance is near $2,500, and a clear move above this level could pave the way for a test of the $2,620 zone.
However, in the event that the $2,440 resistance is not broken, Ethereum may experience a downside correction. The initial support on the downside is near the $2,380 level and the trend line. Further support can be found at the $2,320 zone or the 50% Fib retracement level. A break below this level could lead to more bearish moves and a revisit of the $2,200 support.
It is important to note that investing in cryptocurrencies carries risks, and individuals are advised to conduct their own research before making any investment decisions.