Today, the cryptocurrency market is showing positive dynamics, with many coins on the rise. Ethereum, one of the leading cryptocurrencies, has also seen an increase in its value.

Current Market Condition

The recent corrective phase did not last long, and most cryptocurrencies' prices are beginning to climb. Specifically, Ethereum's rate increased by 0.56% over the last day.

Short-term ETH Chart Analysis

On the hourly chart, Ethereum is in the middle of a narrow channel. With most of the daily ATR already passed, the likelihood of sharp movements by the end of the day is small.

Long-term Forecast for Ethereum

On a larger time frame, the rate of Ethereum is far from key levels. For buyers to return, the price needs to be restored to at least the interim zone of $2,700. If successful, testing the resistance at $2,799 is possible. On the weekly chart, the situation is similar to the daily one — if the price reaches $2,780, traders may witness a surge to the $3,000 range.

As of now, Ethereum is trading at $2,616, affirming its upward trend from the start of the day.