Ethereum (ETH) Price Nudges Higher Within a Gradually Tightening Bullish Pennant on the 4-hour Timeframe

After spending much of last week locked in a sideways range, the Ethereum price today is trading near $2,576, nudging higher within a gradually tightening

After spending much of last week locked in a sideways range, the Ethereum price today is trading at around $2,576, showing a slight increase. The crypto is now attempting to push higher, gradually tightening a bullish pennant on the 4-hour timeframe.

The Ethereum price action demonstrates a strong rebound from the $2,470-$2,495 demand zone, further supported by improving technical indicators and fresh interest across both spot and derivatives markets. As ETH presses against a key descending trendline resistance, the question arises: Why is Ethereum price going up today, and can bulls push toward the $2,650 and $2,713 levels in the coming sessions?

What’s Happening With Ethereum’s Price?

In the daily chart, ETH remains structurally bullish following its explosive breakout from $1,920 earlier this month. The crypto has now reclaimed the critical $2,550 pivot level and is consolidating below a confluence of resistance at $2,600-$2,620, which coincides with prior supply zones from late March.

Importantly, ETH is still trading well above its long-term downtrend line from the 2024 highs, which flipped into support in early May. The trendline break on May 15, subsequent to the rapid surge toward $2,800, marked the first confirmed shift in intermediate-term momentum.

The latest Ethereum price news also highlights an ongoing attempt to break out of a symmetrical triangle, visible on the 4-hour chart. Bulls are aiming to invalidate the lower highs while the volume is gradually increasing.

If successful, the breakout could unlock upside potential toward the $2,713 local top, with further extension possible toward $2,820-$2,880.

Momentum Indicators Signal Renewed Strength

Momentum signals are aligning in favor of buyers. On the 30-minute and 4-hour charts, the RSI is approaching the 65-68 region but remains below overbought levels, suggesting that there is more room for price extension.

The MACD is still in bullish crossover territory, with increasing histogram bars and sustained divergence above the signal line, showing support for upward continuation.

The Bollinger Bands are beginning to widen after a tight squeeze, which indicates that Ethereum price volatility is about to increase, typically a precursor to a directional move. ETH has also reclaimed all major short-term EMAs (20/50/100) on the 4-hour chart and is now holding above the upper Bollinger mid-line, reflecting growing short-term bullish control.

On the Ichimoku chart, ETH is trading cleanly above the cloud on the 30-minute timeframe, with the Tenkan-sen and Kijun-sen lines showing a bullish cross and a rising lagging span. This confirms that the current push is supported by multi-timeframe momentum.

Support Retests and Fib Levels Offer Structure for Next Move

Examining broader levels, the weekly Fibonacci retracement from the $4,105 high to $1,385 low places the 0.382 level around $2,474, which acted as a strong support level this week. The 0.5 level at $2,745 is the next logical upside target if ETH manages to break above the $2,600-$2,620 confluence.

Immediate support is seen at $2,513-$2,495, where bulls defended aggressively during Friday's retracement. Further below, the $2,470 and $2,420 zones offer deeper structural support before the breakout base at $2,200 comes back into play.

If bulls can clear the $2,620-$2,650 ceiling, the next Ethereum price spike could extend toward the 0.5 Fibonacci retracement level at $2,745, followed by $2,820-$2,880. On the other hand, failure to sustain above $2,550 may expose ETH to a retest of the $2,495 zone.

Short-Term Ethereum Price Forecast: Cautious Optimism Toward $2,650

The Ethereum price today shows a bullish slant, supported by short-term momentum indicators and the consistent recovery of key support levels. However, the $2,600-$2,620 ceiling remains a decisive barrier for the bulls. A confirmed breakout above this zone, especially on high volume, could fuel a swift move toward $2,713 and higher.

Until then, traders should keep an eye out for fakeouts and potential intraday rejections. As long as ETH stays above $2,495, the overall structure remains bullish.

In conclusion, the Ethereum price is building strength as it