The price of Ethereum (ETH) has experienced a notable increase of 3.18% in the last 24 hours, reflecting positive momentum in the broader cryptocurrency market. According to data from CoinStats, this upward trend comes as many digital currencies are also gaining traction.
Analyzing the hourly chart reveals that ETH has recently executed a false breakout at the local resistance level of $2,834. Traders are closely monitoring the daily candle”s closure; if it remains near or above this threshold, the potential exists for a further climb towards the $2,900 range in the near term.
On a larger time frame, however, the price of this primary altcoin appears to be distanced from critical levels. A decline in trading volume is evident, suggesting that significant price movements may be less likely as the week concludes.
From a mid-term analysis perspective, attention should be directed to the weekly bar closure around the $2,857 mark. Should a false breakout occur here, traders might anticipate a rebound towards the $3,000 to $3,200 region.
At the time of writing, Ethereum is trading at $2,817, with market participants keenly observing the unfolding price action to determine the next strategic steps.
