The Ethereum price is currently consolidating above the $2,575 support level. It could trigger a significant rally if it manages to close above the $2,700 resistance. Ethereum has been trading above $2,620 and the 100-hourly Simple Moving Average.
There is a short-term breakout pattern forming with resistance at $2,640. If the price stays above the $2,575 support, it may experience a fresh increase. On the upside, the immediate resistance is at $2,640, followed by major resistance levels at $2,680 and $2,720.
Ethereum (one of the top 10 altcoins) could even rise toward the $2,800 and $3,000 levels if the bullish momentum continues. However, there could be another decline if it fails to clear the $2,640 resistance. The initial support on the downside is at $2,620, followed by $2,600. Further support levels are at $2,575 and $2,550.
Source: NEWSBTC
