Ethereum Price Jumps 6% But Faces Crucial Resistance at $2,550

Ethereum's price has rebounded nearly 6% to $2,524 after recovering from about $2,370 within 24 hours. The rebound coincided with a broader crypto rally and easing expectations for US interest rate hikes.

However, ETH faces strong resistance near $2,550, a level it has failed to break multiple times. Analysts suggest that a weekly close above $2,550 could open the path to $3,000, but large whale transfers to exchanges pose supply risks that could pressure the price.

The upcoming US economic data and inflation reports will likely influence Ethereum's next move.