Ethereum Consolidates Around $2300 as Bulls Eye Strong Comeback

• At the time of writing, ETH is trading at $2304, up 0.63% in the last 24 hours.
• If the price manages to go above $2325 level, then the price will likely test $2347.

The price of Bitcoin (BTC) dropped below $43,000 again, and several altcoins also seemed sluggish. Ethereum (ETH) has been consolidating around the $2,300 mark for some time now. Nonetheless, on-chain evidence points to a possible substantial upswing in the near future. Forecasts for future rises are being made by experts as the debut of the Ethereum Dencun upgrade draws closer.

The upgrade aims to make layer two solutions more efficient and lower transaction costs. The community is eagerly anticipating the upgrade, since the final test net is scheduled for February 7th and the complete roll-out on the mainnet is only a month away.

Investors Optimistic

Recent data shows that a significant quantity of about 510,000 Ethereum (ETH) has been removed from wallets associated with prominent cryptocurrency exchanges. Calculations put the sum of this massive outflow at almost $1.22 billion.

This massive withdrawal shows that Ethereum holders are feeling confident, which may lead to less selling pressure for ETH in the days to come. The bulls are still in a strong position; therefore, the price might breakout in the positive direction even if volume and volatility fall.

At the time of writing, ETH is trading at $2304, up 0.63% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 31.64%.

Source: CoinMarketCap

If the price manages to go above $2325 level, then the price will likely surge further to test $2347 resistance level. Breaking above this level, will likely result in price testing $2386 level. However, if the price manages to break below $2247 level, then it will likely test $2184 support level.