Ethereum (ETH) surged roughly 8% to near $2,400 after breaking above a bearish trend line, though bulls now face stiff resistance at that level.
ETH Rally Details
The move began from the $2,180 support zone, with prices climbing past $2,200 and $2,250 before reaching a high of $2,395 on the Kraken exchange. ETH broke above a bearish trend line that had capped gains at $2,200 on the hourly chart.
The price is now consolidating above the 23.6% Fibonacci retracement of the move from the $2,179 low to the $2,395 high.
A breakout above $2,440 could open the path toward $2,500 and potentially $2,550 or $2,620. On the downside, failure to clear $2,400 may trigger a pullback toward $2,320 or the $2,260 support near the 61.8% Fibonacci retracement level.
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ETH Technical Signals
The hourly MACD is gaining momentum in bullish territory, while the RSI holds above 50. Both indicators suggest buyers remain in control for now. A drop below $2,320, however, could shift momentum back toward sellers, with $2,180 serving as the main floor.
Ethereum has been volatile in recent weeks, swinging between lows near $1,750 in April and the current push above $2,350. The token gained more than 30% from its monthly low, tracking a broader recovery in crypto markets alongside Bitcoin (BTC).