Ethereum's $2,650 Resistance Zone Looms Large

Ethereum's third-quarter recovery has reached 55% from its June low near $1,600, and it is currently trading around $2,492.

The cryptocurrency broke out of a prolonged consolidation phase in August, moving above $2,000, and has since held most of those gains within a narrower $2,400-$2,550 range.

Ethereum has reclaimed several major moving averages, with short-term moving averages now rising beneath the current price, creating an immediate support area between $2,350 and $2,400.

A second support cluster sits between $2,180 and $2,250, where several longer-term moving averages have converged. Holding these levels could be important for maintaining the recovery structure.