Tightening Supply Fuels ETH's Consolidation Near $2,474

Ethereum (ETH) has been consolidating after reaching an eight-month high of $2,660. This price level was achieved following a strong rally that saw ETH gain significant traction.

Since then, Ethereum has pulled back to around $2,474, but buyers continue to defend higher lows, creating a tightening triangle with rising support meeting resistance near the recent highs.

The shape of this triangle bears resemblance to an earlier one that preceded a 30.91% increase, adding credibility to the possibility of another large upside for Ethereum.

A breakout above the triangle's upper boundary could target $3,000, while failure at support would expose $2,380, $2,400.