With a significant comeback from its June lows and a fundamental shift in the technical structure of its daily chart, Ethereum is on its way to one of its strongest third quarters ever.
Currently trading at about $2,492, $ETH was at its lowest point in June at about $1,600. From the quarterly low, that amounts to a recovery of over 55%. More significantly, Ethereum is now comfortably above all of its major moving averages after previously trading below them.
Can Ethereum advance further?
August saw the arrival of the advance’s strongest portion. $ETH surged through $2,000 and swiftly hit the $2,400–$2,500 range after consolidating around $1,850–$1,950 for a few weeks. A significant increase in trading volume coincided with the breakout, enhancing the move’s 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.
Additionally, the moving-average structure has significantly improved. Short-term averages are rising below the price, with $2,350–$2,400 serving as immediate dynamic support. The majority of longer-term averages fall between $2,180 and $2,250. After spending the majority of 2026 below its major long-term moving average, $ETH has even recovered it.
Momentum is slowing down
There are still indications that momentum is slowing down. During the August breakout, RSI soared into overbought territory; however, it has since declined toward the mid-50s. That eliminates a large portion of the overheated state brought about by the initial rally, but it also implies that buyers have lost some short-term momentum.
About $2,550–$2,650 is the price of the next significant test. A significant breakout could pave the way for a move toward $2,700 and possibly $3,000, as Ethereum has repeatedly failed to establish itself above $2,500.
As of right now, Ethereum has seen a significant turnaround in Q3. The larger bullish structure formed during the quarter is still in place as long as $ETH stays in the $2,350–$2,400 range.
