Ethereum Price Consolidates Near $1,880 Amid Institutional Buying

Ethereum's price continues to consolidate near $1,880 as institutional buying and increasing on-chain activity provide a positive outlook for the market.

The recent acquisition of $24.3 million in ETH by BitMine contributes to this sentiment, but the TradingView chart suggests the bulls need more momentum for Ethereum to reach the $2,000 level.

At press time, Ethereum was trading at $1,879.63, up approximately 0.35% over the past 24 hours. The cryptocurrency has yet to close above the 20-day moving average.

The TradingView daily chart shows ETH is trading below the 20-day moving average at $1,892.19, with resistance levels at $1,945 and $2,012.79. If Ethereum's price action exceeds $1,945, it may result in increased bullish strength.