Ethereum Bulls Eye $2,550 Breakout as Price Surges Above $2,500

Ethereum's price has reclaimed $2,500 after a brief dip below this level. Analyst Ted Pillows believes that a strong weekly close above $2,550 could push Ethereum toward $3,000.

Derivatives volume rose 20% to $40.87 billion, while open interest increased 1.35% to $33.72 billion, indicating stronger participation in the market. However, Pillows notes that near-term momentum remains mixed, with the RSI at 52.45 and a bearish MACD signal.

The next major hurdle for Ethereum is around $2,800, while support sits near $2,185 if the breakout attempt fails. The 100-week simple moving average, around $2,512, still crosses the current price area and could add resistance to further gains.