Ethereum Price Consolidates After August Gains Amid CPI-Fueled Volatility

Ethereum's price has been consolidating after a strong run in August, when it gained around 32.5%. The cryptocurrency is currently trading at $2,467.27, up 0.22% over the past 24 hours. However, this modest bounce occurs within a tightening range that has been building for days.

The Consumer Price Index (CPI) print came in hotter than expected on Thursday, causing risk assets to broadly decline and Ethereum's price to dip before rebounding. Over the past week, ETH is down around 2.56% as traders weigh mixed exchange-traded fund (ETF) flow data alongside falling derivatives leverage.

Looking at technical analysis, Ethereum's immediate resistance band sits between $2,550-$2,570, backed by a second ceiling near $2,600-$2,626. A weekly close above this zone would validate the bullish continuation setup analysts have flagged, potentially opening a path towards $2,800 and beyond.