The price of Ethereum (ETH) has experienced a 2% increase in the last 24 hours, signaling a potential bullish resurgence in the market. Currently, ETH is trading at $2,963, as noted by CoinStats.
Analyzing the hourly chart, the cryptocurrency is approaching a local resistance level at $2,970 following a false breakout of the previous support. Should the bullish momentum persist, traders may see a test of the $2,980 to $2,990 range in the near future.
When examining larger time frames, it becomes evident that the main altcoin is remaining within the boundaries of yesterday”s trading candle, indicating a lack of dominance from either bulls or bears at this moment. This scenario suggests a likely consolidation phase within a narrow range of $2,900 to $3,000.
From a midterm perspective, the bullish trend has faltered, failing to sustain momentum after the last bullish candle closure. If the trading candle closes around the current prices or lower, a further decline towards the support level at $2,624 could be anticipated in the coming month.
In summary, with Ethereum currently at $2,963, the market is poised for critical movement as it tests key resistance levels while also facing potential consolidation and bearish pressure if upward momentum cannot be maintained.
