Ethereum's price has experienced a fresh increase, surpassing the $2,600 resistance mark. Currently, it is consolidating these gains, with potential to move above the $2,720 resistance level.
The price action indicates that ETH may continue its upward trend if significant resistance levels of $2,650 and $2,720 are cleared. It could then target the $2,880 and possibly $3,000 resistance zones.
The hourly chart of ETH/USD, provided by Kraken, shows a key bullish trend line with support at $2,540. This suggests that while the immediate trading price is above $2,600 and the 100-hourly SMA, market sentiment remains positive.
However, there is a possibility of a downside correction if Ethereum fails to overcome the $2,650 resistance. Initial support is nearby at $2,600, followed by a significant level at $2,540. A breach of these supports might push ETH down toward the $2,500 or $2,450 zones.
The hourly MACD is decreasing in the bullish zone, and the RSI remains above the 50 mark, highlighting a cautious yet potentially bullish outlook for Ethereum's price movement in the short term.
