Ethereum Price Consolidation Tests $2,438 Support Level

Ethereum's price is currently trading at $2,452 after reaching its first higher high of this cycle. The cryptocurrency has been in a consolidation phase, with its weekly chart showing a break above the descending trendline that capped every rally since August 2025. This trendline had held for almost a year.

The June low also carries weight, as it landed inside a demand zone between $1,600 and $1,760. Analyst Ted Pillows notes that ETH tried to clear $2,550 but failed again, with this ceiling sitting on the 50-week moving average at $2,542. He expects more chop and a small capitulation before a genuine reversal.

Pillows marks $2,200 as the first support and $2,800 as the next resistance zone. However, a recent large whale opened a 10x long position in Ethereum worth $102.3 million, with a liquidation price of $2,241. This development complicates Pillows' view.