Ethereum's recent price action has shown a steady increase above the $2,300 zone. The cryptocurrency is currently trading above $2,320 and the 100-hourly Simple Moving Average.
A contracting triangle is forming on the hourly chart of ETH/USD with resistance at $2,380. This could be an indication that the price is preparing for another increase, but it also poses a risk of a downside correction if Ethereum fails to clear this level.