Ethereum's price has shown a steady increase, surpassing the key resistance level of $2,450. It is currently trading above $2,440 and the 100-hourly Simple Moving Average, indicating a bullish sentiment in the market.
A bullish trend line is developing with support near $2,455. This suggests that the cryptocurrency could see further gains if it manages to break through the higher resistance levels of $2,520 and $2,550.
In the event of a pullback, Ethereum has support levels set at $2,480, $2,455, and $2,420. These support levels act as cushions to prevent the price from dropping drastically.
Ethereum remains the second-largest cryptocurrency by market capitalization, reinforcing its stability and importance in the cryptocurrency market.
