Ethereum Price Consolidates Gains Ahead of Potential Breakout

Ethereum's price has been experiencing a period of consolidation after its recent upward move above $1,920. The cryptocurrency is currently trading above $1,950 and the 100-hourly Simple Moving Average.

The formation of a key rising channel with support at $1,960 on the hourly chart of ETH/USD suggests that the bulls may be gaining momentum. If this trend continues, Ethereum's price could attempt another increase.