Ethereum's price has begun a fresh increase post-surpassing the $2,580 resistance, yet it significantly trails behind Bitcoin's approach to its all-time high. The price currently trades above $2,580 and maintains positioning over its 100-hourly Simple Moving Average, indicating a bullish trend.
The trading pair ETH/USD, on the Kraken platform, shows potential for further gains if it can surpass resistance levels at $2,650 and $2,680. Success in crossing these could pave the way toward $2,720, possibly reaching up to $2,915 in ensuing sessions.
Despite Ethereum's gradual climb, its momentum seems to falter when compared to Bitcoin's strength, making the resistance at $2,680 a critical point for further price action. On the downside, should Ethereum fail to break the $2,680 resistance, it might initiate a downward correction, with significant support levels around $2,600 and $2,530.
Technical indicators like the hourly MACD trend and RSI suggest upward momentum, keeping Ethereum's price above crucial support, although facing substantial resistance for more significant upward movements.
