Ethereum Price Consolidation Continues, $2.8K Resistance Zone Remains Key

Ethereum's price remains stuck in a consolidation phase, holding above the $2.68K, $2.77K resistance zone. Despite several attempts to break through, the cryptocurrency has not been able to sustain a breakout, and the immediate obstacle remains the $2.68K, $2.77K supply zone.

The 4-hour chart shows Ethereum trading within an ascending channel, with the price currently around $2.7K. A decisive daily close above $2.77K, followed by a break of the recent high around $2.8K, could pave the way toward the $2.9K, $3K resistance zone.

The broader outlook remains constructive, with ETH trading above the ascending trendline and both displayed moving averages. However, a sustained move below the midpoint and the recent $2.65K lows would weaken the near-term outlook, potentially exposing the $2.63K and $2.58K support areas.