Ethereum is consolidating around $2,474 after hitting an eight-month high of $2,660, forming a tightening triangle similar to the one that preceded a 30.91% rally in three days. Over $300 million worth of ETH has left exchanges while liquid supply continues to shrink with 43 million ETH locked in staking, representing approximately 35% of total supply. Spot Ethereum ETFs are also absorbing available supply, pushing exchange balances below 14.7 million ETH compared to over 20 million previously. A breakout above the triangle could target $3,000, while a failure at support would expose the $2,380-$2,400 zone. Current momentum lacks confirmation as volume and open interest have declined compared to the previous move.
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