Ethereum Nears $2,700: Can Fundamentals Keep Rally Going?

Ethereum's price has been steadily rising, nearing $2,700 after a quarterly recovery of around 70% from its lows at $2,400. The question on everyone's mind is whether this trend will continue through Q4.

The supply zone between $2,722 and $2,822 contains over 13.3 million ETH traded in prior cycles, making it a significant resistance area with historical volume. A daily close above $2,800 would enable a projection towards $3,000, but a failed breakout could send prices back to the $2,530-$2,570 range where support is still present.

The moving average structure remains bullish, with Ethereum trading above its 20-day, 50-day, and 200-day averages. However, momentum indicators suggest short-term exhaustion rather than a trend reversal.