Ethereum Extends Third-Quarter Strength as Technical Momentum Builds

Ethereum has made a significant recovery in recent months, rebounding more than 55% from its June low. According to blockchain media outlet U.Today, Ethereum is currently trading around $2,492 after dropping to about $1,600 in June.

The technical structure of the daily chart has also changed, with Ethereum moving above all major moving averages. The strongest part of the rally came in August, when Ethereum broke above $2,000 and quickly rose into the $2,400 to $2,500 range.

Since then, Ethereum has been moving in a relatively narrow range, holding prices above the previous breakout level. However, upward momentum has slowed somewhat, with the relative strength index slipping from overbought territory back down to the mid-50s.

The next resistance zone for Ethereum is $2,550 to $2,650, while the $2,350 to $2,400 support zone is seen as key to maintaining the bullish trend formed during the third quarter. A strong break above $2,500 could open room for additional gains to $2,700 and $3,000.