Ethereum staking surge and supply consolidation shape ETH price path below $2,111 support

Ethereum has dropped under its key June 2025 swing low at $2,111 and has traded below this level for around 10 days, turning it into resistance. On-chain trends show more ETH moving into staking and long-term holders, while exchange reserves keep falling, pointing to supply consolidation even as the broader price trend remains bearish. Analysts note that price is likely to stay range-bound between $1.8k and $2.1k in the near term, with possible liquidity-driven moves toward $1.6k on the downside or $2.5k on the upside.