The crypto market is displaying a bullish trend as indicated by CoinStats data. Ethereum (ETH) has experienced a 2.43% price increase over the past 24 hours. Analysis reveals that on the hourly chart, ETH’s rate is situated near support levels and close to resistance. If bulls fail to gain momentum soon, traders anticipate a potential breakout followed by correction down to the $2,500 zone. Looking at larger timeframes, ETH price is currently within a wide channel between support of $2,317 and resistance of $2,738. With neither bulls nor bears gaining control, we see a low likelihood of sudden price fluctuations. Mid-term projections show ETH bounced off the $2,608 resistance. A bullish weekly close near this mark could result in an upward push towards the critical zone of $3,000. At press time, Ethereum is trading at $2,571.