Ethereum price is consolidating above the $2,550 resistance. ETH could gain bullish momentum if it clears the $2,650 resistance zone. Currently, Ethereum is trading above $2,600 and the 100-hourly Simple Moving Average. A short-term contracting triangle with resistance at $2,640 is forming, suggesting potential for an upward move.
Ethereum price remained stable above the $2,550 level, forming a base and starting a steady upward move like Bitcoin. The price reached up to $2,665 before facing a minor pullback to around $2,600. Despite this, Ethereum still holds above the 50% Fib retracement level of the previous upward move.
The price is now trading above $2,620 and the 100-hourly Simple Moving Average. If there is an increase, Ethereum might face hurdles near the $2,650 level, with further resistance expected at $2,720. A close above $2,720 could push Ether towards the $2,750 resistance and possibly $3,000 in the near term.
If Ethereum fails to clear $2,650, it might decline again with initial support near $2,600 and major support at $2,580. Additional losses could send the price toward the $2,550 or even $2,500 support level in the near term.
