Ethereum is trading around $2,250 after a failed breakout that pushed the price back toward $2,200. Buyers are defending this short-term support, but the medium-term structure remains weakened following the break of the ascending channel and the rejection of the $2,500 resistance zone. A move above $2,500 would be needed to restore the bullish case and bring the $2,800-$3,000 supply zone back into view. Conversely, a daily close below $2,200 would confirm the channel breakdown and expose the $1,850 demand zone, followed by the major $1,500 floor. Wallet activity has fallen sharply, from a peak of approximately 1.3 million transactions in the first half of 2026 to around 560,000 since August, indicating a lack of a strong catalyst.
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