Ethereum Consolidates Above $2,300 as Breakout to $2,800 Looms

Ethereum (ETH) continues to show a bullish medium-term structure on its daily chart. The cryptocurrency has recovered strongly from its major bottom around $1,550-$1,600 and reclaimed the $1,850-$1,900 resistance zone.

After forming this strong base, ETH broke out in August with significant volume expansion, moving rapidly from approximately $1,900 to the $2,500-$2,550 region.

The subsequent consolidation phase has been occurring near the upper end of the recent rally and can still be interpreted as a bullish continuation structure, provided ETH maintains key support levels.