Is Ethereum Trapped at $2.6K Consolidation After Bullish Attempts?

• Ethereum price has witnessed a modest price increase in the last 24 hours.
• The altcoin’s daily trading volume decreased by 10.20% according to CMC data.

The crypto market has exhibited mixed signals in the past few weeks, as prices haven’t shown significant upward movements. While the regulatory and L2 sectors have witnessed optimal activities, prices have experienced an overall lull. Notably, Bitcoin, the largest cryptocurrency, has struggled to surpass $61K over the past week.

Meanwhile, the leading altcoin, Ethereum, has shown a price increase of 0.46% in the last 24 hours. It has witnessed a modest increase, moving from $2,634 at the beginning of the day to an intra-day high of $2,688 in the past few hours. However, the token’s daily trading volume has decreased by 10.20%. At the time of writing, ETH was trading at $2,655 according to CMC data.

Zooming out, over the past week, Ethereum shows prices being deterred by bears to attempt a breakout. The altcoin exhibits a weekly price performance of 3.38% increase resulting from the bull-bear combat. The weekly price chart of ETH shows prices consolidating along the $2.6K range over the last 7 days, after several attempts of price breakouts visiting $2.7K.

Moreover, the lack of significant price movements indicates that Ethereum might be entering a consolidation phase. Additionally, market analyst Ali, recently reported on X that long-term ETH whales have shown selling activity. This has caused negative sentiments in the market towards the altcoin.

Will Ethereum (ETH) Break Current Price Resistance?

According to TradingView data, Ethereum prices have shown a monthly performance of 23.71% decline. However, its year-to-date still stands at a positive 16.43% indicating the token sustaining a part of its earlier gains.

ETH/USDT Daily Price Chart (Source: TradingView)

Moreover, the token’s short-term 9-day MA stands below the long-term 21-day MA suggesting the overall bearish trend. Additionally, its RSI stands at 44.01 indicating the aforementioned selling pressures.

If the token manages to surpass the current resistance utilizing positive momentums and reach $3K then it can be expected to witness price breakouts. Meanwhile, other cryptocurrencies such as Bitcoin have also shown similar price cycles.

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