Ethereum Price Surges Over 5%, Bulls Ignite Strong Upside Momentum

Ethereum's price initially climbed, surpassing $2,250, but faced selling pressure and began a correction. The price is currently trading above $2,200 and the 100-hourly Simple Moving Average. An upward move began after the price stabilized above $2,120, mirroring Bitcoin's trend. There was a breakout above a contracting triangle with resistance at $2,150. The bulls successfully pushed the price above both $2,180 and $2,220 resistance levels, peaking at $2,273. Currently, the price is retracing, testing support levels near $2,165, which is also the 50% retracement level. If the bulls maintain control, a fresh increase is possible, with resistance levels at $2,250, $2,275, and $2,320. Conversely, failure to break $2,250 could trigger a decline towards $2,120 and potentially $2,065. Technical indicators show the MACD is losing bullish momentum while the RSI remains above 50.