Ethereum remains range-bound between the 100-day and 200-day moving averages, indicating a consolidation phase.
Market sentiment leans towards a potential bullish breakout in the coming days as ETH hovers between key levels.
Technical analysis suggests that a breakout above $2.8K could signal another leg upward, while failure to hold $2.5K may lead to extended consolidation or a retracement.
The funding rate in Ethereum's futures market has been declining, indicating reduced bullish conviction and the likelihood of continued sideways movement until stronger demand materializes.