Ethereum Price Analysis: ETH Eyes Fresh Surge to $2,550

Ethereum price is eyeing an upside break above the $2,400 resistance against the US Dollar.
ETH price is now trading above $2,300 and the 55 simple moving average (4 hours).
There was a break above a major bearish trend line with resistance near $2,280 on the 4-hour chart (data feed from Coinbase).
The pair could climb further if it stays above the $2,340 support zone.

Ethereum price is consolidating above the $2,350 level against the US Dollar. ETH/USD could rise again if it clears the $2,400 resistance zone.

Ethereum Price Analysis

In the past few days, Ethereum saw a decent increase from the $2,255 zone against the US Dollar. ETH price moved above the $2,300 and $2,340 levels to move into a positive zone.

There was a break above a major bearish trend line with resistance near $2,280 on the 4-hour chart. The price even cleared the 50% Fib retracement level of the last key drop from the $2,448 swing high to the $2,255 low. The price settled above the $2,350 level.

Ethereum is now trading above $2,375 and the 55 simple moving average (4 hours). On the downside, initial support is near the $2,225 level.

The next major support is now near the $2,340 level. A break below the $2,340 support could push the price to $2,300 or the 55 simple moving average (4 hours). Any more losses could lead the price toward $2,255 or even $2,150 in the coming days.

Immediate resistance on the upside is near the $2,400 level or 76.4% Fib retracement level of the last key drop from the $2,448 swing high to the $2,255 low. The next major resistance is near the $2,450 zone.

A clear move above the $2,450 level could send the price toward $2,550. Any more gains could even send the price toward the $2,600 resistance zone or $2,700 in the near term.

Looking at the chart, Ethereum price is clearly trading above the $2,350 zone and the 55 simple moving average (4 hours). Overall, Ether price could climb again if it stays above the $2,340 support zone.