Ethereum Price Stalls Near $2,300 Amid Bulls Struggle

Ethereum's price movement is currently in an upward consolidation phase, but the bulls are struggling to regain momentum. According to CoinMarketCap data, ETH's price has shown stability over the last 24 hours but remains down by 3.32% over the last week.

The current trading volume of $15.83 billion has declined by 24.29% over the last 24 hours, but the market capitalization stands at $280.5 billion, which is stable. However, the crypto analyst Ted highlighted that ETH is struggling to maintain momentum above the key $2,300 support zone.

Spot demand has started to fade, signaling reduced accumulation at current levels, indicating a loss of conviction in the market and potential short-term downside pressure. In case Ethereum fails to break through the level of 2,300, the next stop will be between 2,150 and 2,200.