Ethereum Price Consolidates Near Resistance

Ethereum's price has been experiencing a modest decline, trading at $1,876.99 after a day of selling off.

The current price is below its key moving averages, with immediate resistance aligning with the Ichimoku Kijun level at $1,880.

A recent influx of institutional buying saw spot Ethereum ETFs attract $6.72 million in net inflows on August 13, led by $6.47 million into the Grayscale Ethereum Mini Trust ETF.

However, this has not been enough to counterbalance existing headwinds and sell-side exits, which include FG Nexus' decision to sell its entire Ethereum position for $60.96 million by June 30.

The forecast range for ETH is expected to remain between $1,858 to $1,895 over the next two to three trading days, with a high probability of further decline and low likelihood of a quick rebound.