Ethereum Price Breakout Prepares for Next Rally

Ethereum has initiated a new surge past the $2,550 mark, positioning itself ahead of Bitcoin’s recent downturn. The current trading activity shows ETH trading above both the $2,550 support level and the 100-hourly Simple Moving Average, indicating bullish momentum. A significant ascending channel is emerging, with support around the $2,600 mark on the hourly chart, which is crucial for maintaining this upward trend. Should ETH fall below this support zone, a reversal to the downside is possible, with potential declines toward the $2,575 support level. Conversely, a successful break above resistance levels at $2,640 and $2,665 could set the stage for further gains, with possible targets at $2,720, and subsequently $2,780, or even $2,880 and $2,920 if bullish momentum persists. Current technical indicators suggest some bearish momentum, with MACD and RSI signaling caution. Overall, Ethereum remains in a consolidating phase with potential for upward movement if key resistance levels are surpassed, or downside risks if support levels fail.