Ethereum (ETH) Gained Pace After Bitcoin's Surge, Could Soon Surpass $3K

In the past few days, Ethereum has increased slightly above the $2,650 resistance zone. After Trump's win, Bitcoin rallied to a new all-time high above $76,000.

After Bitcoin’s rally to a new all-time high, Ethereum (ETH) gained pace and surged higher. The price is now trading above a major barrier at $2,800 and could soon surpass the $3,000 level.

ETH Price Shows Strength Above $2,800

In the past few days, ETH price closed a session above the $2,650 resistance zone. As reported, Bitcoin rallied to a new all-time high above $76,000 following Trump’s victory. This sparked positive moves in ETH, DOGE, SOL, and other cryptocurrencies.

The bulls gained momentum and pushed the price above the 50% Fib retracement level of the downward move from the $3,566 swing high to the $2,099 low. More importantly, it cleared a major bearish trend line with resistance at $2,780 on the daily chart.

Now, the price is up over 15% and trading well above the 50-day simple moving average (blue). It appears like the price is struggling to reach the $3,000 level and might encounter a short-term correction.

The immediate support on the downside is near the $2,820 level. While the first major support sits around the $2,780 level and the same trend line.

A daily close below the $2,780 level may lead ETH toward the $2,650 support. If the bulls fail to defend this support, ETH could decline further and retest the 50-day simple moving average (blue) at $2,540. The next major support is around the $2,440 level.

ETH Price Could Rise Above $3,000?

On the flip side, ETH might close above $2,800 or $2,780 and attempt a fresh increase. On the upside, the price could face resistance near the $2,950 level.

The first major resistance is around the $3,000 level or the 61.8% Fib retracement level of the downward move from the $3,566 swing high to the $2,099 low. Next, resistance is near the $3,220 level.

A clear move above the $3,220 level could open the doors for a rally toward the $3,560 level. If ETH bulls push the price above the $3,560 resistance, there could be another strong increase. The price could rise toward the $3,850 level in the stated case.

Overall, ETH price is showing signs of strength above the $2,800 level. If ETH settles above the $3,000 handle, there could be another 10-15% increase in the near term.

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