The technical analysis of the price of Ethereum suggests an imminent breakout.

The price predictions for Ethereum on its two-hour chart look promising; its movements continue to form higher highs and higher lows above its pivotal level of $2,272, indicating that the upward wave has momentum, especially since the price is currently oscillating around the crucial 50-period Exponential Moving Average (EMA-50), which currently stands at $2,571.

Therefore, closing above this level - particularly after surpassing the MACD signal line - could push the price of ETH to re-test the barriers of $2,737 and $2,849 consecutively.

Trendline support level: The ascending trendline represents a dynamic support level for any potential correction.

Candlestick patterns: The continued formation of candlesticks with extended upper wicks around $2,523 indicates a balance of buying and selling forces, while bullish engulfing candles suggest positive momentum.

Key levels to watch: Breaking the $2,626 barrier may allow the price to continue rising, while the likelihood of further declines will increase if support levels of $2,523 and $2,500 are broken consecutively, necessitating caution against risks.

MACD indicator: The MACD reading is neutral to slightly negative, and surpassing the signal line could be promising.