Ethereum Attempts to Disentangle from Consolidation Phase at $2.3K

• Ethereum showed modest price increases in the last 24 hours as per CMC data.
• The altcoin’s daily trading volume showed a 10.43% increase.

The crypto sector shook off its recent slump with a surge in activity over the last 24 hours. While the web3 ecosystem made several advancements, cryptocurrency prices took a turn towards a modest positive. Relatedly, the leading altcoin and second largest cryptocurrency, Ethereum recorded a 0.98% increase in daily price movements.

Notably, ETH price movement showed entering a consolidation as prices stagnated at the $2.3K level. As the overall cryptocurrency market also witnessed declining movements, Ethereum succumbed to the price slump. However, in the last 24 hours, with Bitcoin leading the aforementioned positive movement, the altcoin is also attempting to break the crucial resistance levels.

On inferring the token’s daily price chart, Ethereum, in the afternoon hours of September 11 traded at $2,309. As the day progressed, the token propelled by Bitcoin’s price movement attempted to surpass $2,300 several times. However, at the time of writing, Ethereum was still trading at $2,344 as per CMC data. Nevertheless, if the altcoin manages to sustain its current positive momentum, it may break out of the consolidation phase.

Meanwhile, Ethereum co-founder, Vitalik Buterin was seen making ETH movements as per Arkham Intelligence data. A wallet connected to the co-founder staked 949.9 ETH tokens worth $2.24 million onto the Aave network approximately 10 hours ago.

Ethereum Price Weekly Overview

According to TradingView data, Ethereum’s weekly price performance stands at 4.27%. At the beginning of the week, the token was trading at $2,412 before it slid downwards. Additionally, the token fell to the support of $2,150 on September 6, which was also its weekly low. However, in the last 24 hours, as aforementioned, the altcoin has taken a positive turn.

ETH/USDT Daily Price Chart (Source: TradingView)

Moreover, Ethereum’s 50-day to 200-day MA shows the occurrence of a death crossover, recently on August 8. Meanwhile, the token’s Moving Average Convergence and Divergence (MACD) indicates a positive turn. The token’s signal line crossed over the MACD line suggesting the recent upward movement.

On the other hand, Ethereum whales have shown selling activity over the past few months as reported by market analyst Ali.

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