Ethereum Consolidation: Cooling Momentum Tests Rising Trendline

Ethereum has been consolidating below $2.7K after a sharp recovery from its June low of around $1.5K, exhibiting a constructive medium-term structure with a series of higher lows.

The momentum has cooled off, however, as ETH failed to sustain above the $2.7K resistance area, making the rising trendline and the demand zone around $2.4K crucial for token performance and broader crypto adoption.

On the daily timeframe, ETH has undergone a significant structural improvement since the June low near $1.5K, forming a sequence of higher lows along the ascending trendline and recently breaking above the $2.4K area, which had previously acted as resistance.