Ethereum is consolidating below $2.7K after briefly pushing toward $2.8K, as buyers failed to sustain a breakout above this resistance zone. The key support to watch sits around $2.4K, where the rising trendline and the nearby demand zone converge. The 100-day and 200-day moving averages are converging near $2.1K and could soon form a bullish crossover, signaling a potential long-term shift in market structure. In the short term, the price is range-bound between $2.5K and $2.7K, awaiting a decisive breakout to define the next direction. On-chain data reveals an encouraging divergence: transaction count jumped from roughly 1.6M to above 2M, and the decrease in transaction activity during the price recovery suggests holding behavior rather than profit-taking.
Source: Read the original article
