As market momentum builds, Ethereum ETH price surpasses $2,700

TLDR

Ethereum price is showing positive movement above $2,650 with support forming near $2,680. The next major resistance levels are at $2,750 and $2,780. If Ethereum breaks above $2,840, further gains can be made. Support levels at $2,720, $2,680 and 2,650 dollars

Ethereum, the second-largest by market capitalization, continues to show strength in the crypto market as its price rises above $2,700.

The digital asset is moving higher, breaking through several resistance levels and setting its sights on a target of $2,850.

In recent trading sessions, Ethereum maintained a positive zone above the $2,580 and $2,620 resistance levels.

The price is currently trading above $2,650 and the 100-hourly simple moving average, indicating strong bullish sentiment among traders and investors.

Technical analysis shows a key bullish trend line formed with support near $2,680 on the hourly chart of ETH/USD. This trend line coincides with the 50% Fibonacci retracement level.

The presence of this trend line suggests that buyers are in control and can defend against this support level despite a short-term distraction.

As Ethereum continues to climb, it will face immediate resistance near the $2,750 level. A successful breach of this barrier could pave the way for a test of the $2,765 level, which would mark the latest local high.

If the bulls manage to push the price above this resistance, the next target for Ethereum will be the psychologically important $2,800 level, then $2,840.

Market analysts suggest that if Ethereum can clear the resistance of $2,840, it may trigger a new rally, which will send the price to the resistance zone of $2,880 in the near future.

Some bullish estimates point to the possibility of Ethereum testing the $2,920 or $2,950 levels if the current momentum continues.

A break below these support levels could push Ethereum's price towards the $2,650 mark. Further bearish pressure could test the $2,620 support level, with the next key support at $2,550.

The recent price action in Ethereum comes amid a broader recovery in the cryptocurrency market. Bitcoin, the largest cryptocurrency, has also shown stability above some key levels, which has had a positive impact on the entire crypto ecosystem.

Traders and investors are keeping a close eye on Ethereum's price action as a sustained break above $2,800 could signal the start of a new breakout phase for the asset.

The upcoming implementation of Ethereum blockchain solutions and the continuation of Decentralized Finance (DeFi) applications on the Ethereum network are factors that could drive further demand for the cryptocurrency.

According to the latest data, Ethereum is at $2,735, up 2.5% in the last 24 hours. The volume of trading has increased significantly, which is growing demand from market participants. Ethereum's total market capitalization now stands at $329 billion, cementing its position as the second largest cryptocurrency.