The cryptocurrency market is showing positive trends again, and Ethereum is no exception. This article explores the current price situation, chart analysis, and possible future prospects for ETH.
Current Situation with Ethereum
The price of Ethereum (ETH) has increased by 3.41% over the past 24 hours, reaching $2,624 at the time of writing.
Chart Analysis and Price Levels
On the hourly chart, ETH shows a strong upward trend. If the daily candle closes near or breaks the resistance level, we might soon see a test of the $2,700 range. On a longer time frame, the price is in the middle of a wide channel between the support level of $2,317 and the resistance level of $2,857.
Future Prospects for ETH
From a mid-term perspective, ETH is moving toward the resistance level of $2,857. If growth continues, there is a possibility of testing the crucial $3,000 mark.
Given the current trends in the market, Ethereum is showing solid performance. However, it is essential to monitor price movements and resistance levels for further analysis.
