Ethereum Consolidates Above $2.5K, Exchange Reserves Continue Decline

Ethereum has been consolidating above $2.5K after a sharp recovery from the $1.5K area.

The cryptocurrency is currently trading near $2.47K, holding relatively firm despite repeated tests of the upper end of its recent range.

Exchange reserves have continued to decline, pointing to a potentially constructive supply-side backdrop.

The daily chart shows that Ethereum has broken out of the prolonged base around the $1.9K zone and reclaimed the $2.1K area, which had previously acted as major resistance.

A sustained move above $2.5K could open the way toward the next resistance area, around $3.3K.