Is Ethereum Price Struggling to Breakout the $2.6K Consolidation?

• Ethereum price has factored in a modest price increase in the last 24 hours. 
• The altcoin’s daily trading volume has decreased by 5.61% as per CMC data.

As another month ends, the crypto market’s speculations have begun to turn into reality. Uptober has begun its upward rally, as evidenced by Bitcoin’s current $72K trading levels. Moreover, other altcoins have also followed in on the rally hitting new trading levels and YTD (year-to-date) increases. 

Meanwhile, the leading altcoin Ethereum has stagnated at its trading levels from the recent price drop. ETH has remained at the $2K level for nearly three months, not having shown significant upward movements since the August market crash. In the last 24 hours, the cryptocurrency has factored in a modest increase of 0.98% raising from the $2,615 level to the $2,643 trading price. 

Additionally, Ethereum has also shown increased volatility in the last few days as indicated by the RVI standing at a high of 75.90. Subsequently, this volatility caused the token prices to hit an intraday high of $2,681, after which it dropped to the current level. At the time of writing, Ethereum was trading at $2,642 as per CMC data. 

On inferring Ethereum price’s chart movements, the cryptocurrency shows amplified struggles to break from the $2,600 consolidation phase. ETH has also further failed to utilize the market’s positive momentum exhibited in the past few days. 

Will Ethereum Price Turn Bullish In the Coming Days? 

The altcoin, in order to witness bullish movements must manage to surpass the $2,700 resistance and further resistance levels at $3,000. If Ethereum utilizes the present upward movement to surpass the first resistance, it can be expected to turn bullish. 

Furthermore, the altcoin’s Moving Average Convergence Divergence (MACD) depicts the signal line standing below the MACD line. While this highlights a negative sentiment, the signal line shows potential for a positive crossover. In case of such an occurrence then upward movements can be expected. 

Meanwhile, other cryptocurrencies such as Solana and SUI have shown notable upward movements. Additionally, the US spot ETH ETFs have also shown bullish movements by recording $7.65 million in inflows as per Sosovalue data. 

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