2 weeks ago
3
Key Takeaways
- Ethereum has fallen out of its rising channel and is testing the 0.382 Fibonacci retracement.
- Ethereum is processing roughly 2.5 million transactions per day, the highest level recorded.
- ETH remains below its realized price, while only two of five historical bottom signals have triggered.
ETH was trading near $1,880 at the time of writing after falling below the rising channel that had guided its recovery from the June low. Price has now returned to the 0.382 Fibonacci retracement, making the current area the immediate test of whether that recovery can remain intact.
The broader picture is mixed. Ethereum is processing more transactions than at any previous point in its history, yet onchain valuation data suggests that the market may not have completed a durable bottom.
As previously noted when Ethereum was approaching $2,000, a pullback was the more likely near-term outcome because price was moving into a concentrated resistance zone. The psychological level aligned ...
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