Ethereum (ETH) surged more than 10% to a high of $2,385 after breaking through multiple resistance levels, with traders now watching whether the token can clear the $2,400 zone that stands between the current rally and a potential push toward $2,500.
ETH Clears $2,200
The move began after ETH broke above $2,150, mirroring a broader uptrend in Bitcoin (BTC). Buyers drove the price past $2,200, then $2,320, and eventually $2,350.
The token is now consolidating above the 23.6% Fibonacci retracement of the move from the $2,062 swing low to the $2,385 high. A bullish trend line with support at $2,120 has formed on the hourly ETH/USD chart, and the price remains above its 100-hourly simple moving average.
Immediate resistance sits at $2,365, followed by $2,380. The hourly MACD is gaining momentum in bullish territory, while the RSI holds above 50.
Also Read: Boris Johnson Calls Bitcoin A 'Giant Ponzi Scheme' - Saylor, Ardoino And Back Hit Back
Why $2,400 Matters
A decisive break above $2,400 could open the path to $2,450 and potentially $2,500 to $2,550 in the near term. That level has emerged as the key threshold separating a continued rally from a possible reversal.
On the downside, failure at $2,400 could trigger a pullback toward $2,320 initially, with deeper support at the $2,220 level — the 50% Fibonacci retracement of the recent move. Below that, $2,150, $2,100 and ultimately $2,050 represent successive support floors.
Read Next: Suspected Venus Protocol Exploit Drains $3.7M As THE-Backed Position Faces Liquidation