ETH on Track for Record-Breaking Quarter

Ethereum's Q3 has been one of its strongest quarters ever, with a significant comeback from its June lows and a fundamental shift in the technical structure of its daily chart.

After hitting an all-time low of $1,600 in June, Ethereum has recovered by over 55% to reach around $2,492 as of now. What's more, it is now comfortably above all of its major moving averages after previously trading below them.

August saw a strong breakout with ETH surging through $2,000 and swiftly hitting the $2,400, $2,500 range. A significant increase in trading volume coincided with the breakout, enhancing its technical significance.

Instead of giving up its gains right away, Ethereum has since consolidated between $2,400 and $2,550. This is positive because the market is still far above the previous breakout zone while absorbing the strong August advance.