Ethereum Price Consolidates Above Key Support Level

Ethereum's price is currently at $2,502.20, marking a third consecutive week of positive inflows into spot Ether ETFs, with $218.4 million added last week.

The price has been consolidating in a tight range relative to its historical volatility, with the recent 24-hour high and low being $2,529.56 and $2,435.15 respectively.

The demand side for Ethereum appears to be turning around, but momentum remains lacking, with daily volume fading and the price repeatedly rejected near $2,550.

According to technical analysis, a weekly close above $2,438.85 would keep the structure intact and open up the possibility of reaching $2,919.89, while losing that level could expose $2,220 and then $2,000.