Ethereum Price Consolidation Raises Concerns Over Major Resistance

Ethereum's price has been consolidating near the crucial $2,000 support zone, but its ability to break above the major resistance range between $2,300 and $2,400 remains uncertain. The network activity and sentiment have weakened in recent weeks, indicating a fragile recovery for the cryptocurrency.

The CMF indicator suggests that capital inflows have slowed, while the price range around $2,300 has become a strong 'sell zone' due to an increase in supply. This may keep the price restricted below the ascending trend line until it reclaims levels above the range.