In recent weeks, Ethereum has been consolidating beneath the critical resistance level of $2,681. Despite this consolidation phase, the asset has maintained relative price stability, reflecting a cautious yet resilient market environment.

During this time, investor activity has shown notable shifts, particularly with significant accumulation occurring since early June. According to reports, leading entities such as Consensys, alongside other major participants, have been actively increasing their holdings. This accumulation totals over 300,000 ETH, equivalent to approximately $778 million, underscoring growing optimism among investors regarding Ethereum's potential.

Consensys has been a prominent player in this bullish trend, reportedly acquiring over $300 million worth of Ethereum from Galaxy Digital, as indicated by Arkham. This strategic purchase signifies confidence in Ethereum’s long-term value proposition, encouraging similar moves by other institutional investors. The involvement of such influential entities could serve as a catalyst for broader investor trust in the network.

Analyzing Ethereum’s macro momentum using the IOMAP indicator, a robust demand zone is identified between $2,378 and $2,454. This region encompasses more than 65.11 million ETH, valued at nearly $169 billion, which suggests substantial buying interest and a reduced likelihood of aggressive sell-offs in the short term. This accumulation creates a buffer against downward price pressures, reinforcing the current bullish sentiment.

At present, Ethereum is trading around $2,611, positioned just below the pivotal resistance level of $2,681. To surpass this resistance, Ethereum would require additional upward momentum, potentially fueled by continued accumulation and supportive investor sentiment. If the local support level at $2,583 holds firm, Ethereum might successfully breach the $2,681 resistance, paving the way for further upward movement towards the next resistance point at $2,814.

Conversely, should broader market sentiment turn negative or selling pressure intensify, Ethereum could experience a decline to the $2,500 mark. Such a drop would undermine the current bullish outlook, extending the ongoing consolidation phase. It is crucial for Ethereum to sustain its support levels to avoid invalidating the optimistic scenario and to maintain investor confidence.

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