Ethereum Consolidation Phase: Buyers Defend Key Support Level

Ethereum has entered a short-term consolidation phase after failing to break above the $2,000 resistance zone. The altcoin rallied toward the key level last week but was met with selling pressure near the trendline resistance.

Despite this rejection, Ethereum's price revisited the previous breakout area around $1,850 and buyers successfully defended it for a second time, indicating that the former resistance has turned into support.

The inability to break above $2,000 has resulted in a series of smaller-bodied candles on the daily chart, suggesting indecision between buyers and sellers. Momentum has cooled compared to last week, but the overall bullish market structure remains intact.