Ethereum Consolidates Between $2,500-$2,540 as Staking Hits 35 Million ETH

Ethereum's price is consolidating between $2,500 and $2,540 with decreasing volume, indicating accumulation. The cryptocurrency is below the critical resistance level of $2,800, with traders monitoring for a breakout that could lead to a price increase towards $3,000.

Staking activity is at a record high with over 35 million ETH locked, which may reduce circulating supply amid ongoing geopolitical uncertainties affecting financial markets.

Technical analysts mention a potential ‘golden cross’, where the 50-day moving average surpasses the 200-day moving average, historically signaling upward trends.

Technical Analysis Breakdown

ETH had a 4.05% trading range ($106.11) in 24 hours, dropping from $2,564.28 to $2,455.95 before recovering.
Strong support at $2,490-$2,500 established a technical floor against multiple declines.
Price consolidation occurred between $2,500-$2,540, with decreasing volume suggesting accumulation.
A bullish breakout occurred at 11:43, rising from $2,506 to $2,517 with high volume (5,876-8,096 units).
Selling pressure around $2,515 led to a decline to $2,503 between 12:19-12:22.
Hourly action formed a V-shaped recovery pattern, with $2,503-$2,504 as key short-term support.