ETH Consolidates Near $1,912 Resistance Amid Growing Institutional Demand

Ethereum's price has been consolidating around $1,912 resistance, with sellers defending this level. The current price is at $1,876.77, slightly up from yesterday, and above its short-term moving averages.

The asset remains below longer-term trend markers, indicating that it may be due for a breakout or retest of the resistance level.

U.S. spot Ethereum ETFs saw significant inflows on July 31, with BlackRock's iShares Ethereum Trust (ETHA) attracting $15.4 million in new capital. This increased institutional demand is driving up the price and making it more likely for a breakout above the established range.

The technical setup suggests that there is a moderate probability of an upside breakout, with a 58% chance of an upward move over the next two to three trading days.