Ethereum Price Needs Weekly Close Above $2,550

Ethereum's price needs to close above $2,550 on a weekly basis to support another upward movement in value.

Analyst Ted Pillows identified this key level in his analysis of Ethereum's chart structure. He noted that the current price is contained within a consolidation band between $2,450 and $2,550, which has held for several weeks.

Pillows' analysis suggests that a weekly close above the upper boundary of this band would confirm another leg higher for Ethereum's price.

Meanwhile, market expectations are set for the U.S. Producer Price Index (PPI) report to be released at 8:30 a.m. ET, with a forecasted figure of 5.3%. The outcome will influence rate hike expectations and market prices.