Ethereum (ETH) climbed past $2,350 and reached a session high of $2,385, as the second-largest cryptocurrency by market cap now tests a contracting triangle pattern with key resistance at $2,380 that could open the door to a run at $2,500.
Ethereum Rally Tops $2,385
ETH extended its advance after clearing the $2,250 level, pushing through both the $2,320 and $2,365 resistance zones in quick succession. The price is now trading above the 100-hourly Simple Moving Average.
A minor pullback followed the $2,385 peak, dipping below the 23.6% Fibonacci retracement of the move from the $2,062 swing low.
The hourly chart shows a contracting triangle with resistance at $2,340.
If buyers hold above $2,300, the next targets are $2,365, $2,380 and $2,420. A decisive break above $2,420 could push the price toward $2,500 or even $2,550.
On the downside, a failure at $2,380 puts $2,315 and $2,260 in play. A drop below $2,260 — the 50% Fib retracement of the $2,062-to-$2,385 leg — opens the way to $2,225, $2,185 and ultimately $2,150.
Also Read: Ethereum Nears Crucial $2,400 Resistance Level
Why ETH Path Forward Matters
The hourly MACD is gaining momentum in bullish territory, and the RSI sits above 50 — both signals that near-term momentum still favors the upside. The $2,380 level is the line that separates a continuation rally from a deeper retracement.
A sustained move above that zone would confirm the breakout from the contracting triangle and shift the technical picture decisively bullish. A rejection, however, risks unwinding much of the recent advance from $2,062.
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