Ethereum price enters consolidation phase amid market indecision

Ethereum is currently undergoing a period of price consolidation, trading within a range between approximately $2,350 and $2,560. Following a breakout in August, the asset has struggled to maintain upward momentum, repeatedly testing resistance levels near $2,500 without a sustained breakout.

Market volatility, influenced by recent US nonfarm payroll data, has kept the price oscillating. Key support levels are identified between $2,350 and $2,415, while a decisive move above $2,520 to $2,560 is required to confirm a new bullish trend. If support at $2,390 to $2,440 fails, the price could face a deeper correction toward the $2,080 to $2,150 zone.

Other major cryptocurrencies, including XRP and Cardano, are also experiencing consolidation. XRP is maintaining levels near key support areas, while Cardano faces bearish pressure near the $0.208 support level.