Can Bulls Extend the Rally Above $2,400?

The Ethereum price today is trading around $2,365, holding steady after a dramatic two-day surge from the $1,800 region. This bullish move followed a breakout above a multi-month descending trendline and has brought Ethereum price action into focus as traders eye the psychological $2,400 barrier. The price has jumped nearly 30% since May 7, posting one of the strongest recoveries among top altcoins this week.

What’s Happening With Ethereum’s Price?

The daily chart reveals a clean breakout from the falling wedge structure that had capped upside since March. Key resistance levels between $2,360 and $2,400—formed from earlier January-February consolidation—are now being tested. Meanwhile, the weekly structure shows ETH has bounced from the 0.5 Fibonacci level and is targeting the 0.618 zone near $2,520 in the mid-term.

Why Ethereum Price Going Up Today? Bullish Momentum Builds as Key Levels Flip

ETHUSD price dynamics (Source: TradingView)

The answer to why Ethereum price going up today lies in the alignment of both technical and momentum indicators. On the 4-hour chart, ETH has firmly closed above the 20/50/100/200 EMAs, with all moving averages now stacked bullishly. This crossover confirms strong upside momentum and trend reversal from the April lows.

ETHUSD price dynamics (Source: TradingView)

The MACD on the 30-minute and 4-hour timeframes is still in bullish territory, with a wide gap between the MACD and signal lines, though histogram bars are slightly flattening—suggesting a cooling of momentum rather than reversal. Similarly, the RSI on both timeframes is hovering just under the overbought zone (currently near 59), indicating ETH is sustaining its bullish bias without immediate exhaustion.

ETHUSD price dynamics (Source: TradingView)

However, short-term Ethereum price volatility is expected as the price nears $2,400. The stochastic RSI is showing divergence on the lower timeframes, pointing to possible consolidation or a minor dip before any continuation. In addition, Ichimoku Cloud analysis on the 4-hour chart shows ETH trading well above the cloud with the Tenkan-Sen and Kijun-Sen aligned in a bullish crossover, further confirming the uptrend.

Ethereum Price Prediction for May 11: Key Levels to Watch

ETHUSD price dynamics (Source: TradingView)

If ETH holds above the $2,300–$2,340 range in the coming hours, bulls may attempt to clear the $2,400 barrier. A decisive daily close above this level could open the door to the $2,520–$2,550 zone, which aligns with the 0.618 Fibonacci retracement on the daily chart. On the downside, initial support lies near $2,300 followed by a key cushion at $2,145 (the 50-EMA on the 4H).

Given the recent Ethereum price spikes, traders should monitor for potential pullbacks toward $2,250 if the price fails to sustain above $2,365. However, the current Ethereum price update leans bullish with higher highs, volume support, and clean trendline breaks across all major timeframes.

Forecast Table: Ethereum (ETH) Short-Term Price Levels

Previously, we highlighted ETH’s tightening price action and wedge breakout near $1,850. With that structure now resolved and momentum favoring the upside, this Ethereum price prediction for May 11 suggests continued strength unless bulls lose the $2,300 level.