Ethereum (ETH) has seen a 3.35% price increase over the past 24 hours, aligning with a broader crypto market upswing. However, on-chain data suggests the second-largest cryptocurrency is stuck in a tight trading range between $1,548 and $1,599, potentially signaling prolonged sideways movement.According to blockchain analytics firm <a href="https://x.com/glassnode/status/1910670024257290714" target="_blank" rel="nofollow">Glassnode</a>, 793,900 ETH, worth approximately $1.2 billion, was purchased at $1,548, establishing a strong support zone. Conversely, 732,400 ETH acquired at $1,599 forms a significant resistance level. Over the past day, ETH has tested both levels without breaking out or down, reflecting market indecision.Another critical support level is forming at $1,461, where 380,000 ETH, valued at $595.8 million, was bought. If ETH falls below the current range, this level could prevent further declines. However, a daily close below $1,461 might push prices toward $1,400 or even $1,200, according to analysts.Market uncertainty, driven by macroeconomic factors and tightening liquidity, contributes to Ethereum's range-bound behavior. The asset’s daily trading volume has also dropped by 34.06%, indicating reduced market participation, which could hinder a sustained rally.<figure class="wp-caption aligncenter"><img src="https://vomtxxozbwlghvneumuv.supabase.co/storage/v1/object/public/post-images/content/GoQPWKHXEAAAq7t.jpeg" alt="Ethereum price chart" width="860" height="484" loading="lazy"><figcaption class="wp-caption-text">ETH trading at $1,560 on the daily chart | Source: <a href="https://www.tradingview.com/chart/xg17RJqK/" target="_blank">TradingView</a></figcaption></figure>Despite the short-term consolidation, Ethereum remains a cornerstone of decentralized finance (DeFi) and smart contracts, with robust network activity signaling long-term potential.Source: <a href="https://www.newsbtc.com/news/ethereum/ethereum-eth-consolidates-within-tight-range-as-key-support-level-forms-details/" target="_blank">NewsBTC</a>

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Ethereum (ETH) Consolidates Within Tight Range As Key Support Level Forms