Ethereum Price Consolidates Ahead of Crucial Breakout

Ethereum's price has been consolidating after its recent rally, and buyers are still defending key moving-average support.

The cryptocurrency is trading near $2,466, but it faces immediate resistance at the $2,500 psychological level.

A decisive break above $2,500 could encourage buyers to retest $2,548.8, which marks the recent swing high and remains the key breakout barrier.

Renewed whale accumulation has added another bullish element to the current setup, with two fresh addresses accumulating 30,000 ETH worth roughly $73.6 million combined.

The purchases have attracted additional market attention, and some observers suspect they may be connected to Bitmine.