Ethereum (ETH) has rebounded 3.03% to trade near $2,899.51 after successfully defending a long-term ascending trendline originating from lows near $1,500 in April 2025. This price recovery coincides with a surge in fundamental network activity, signaling robust underlying adoption. Data reveals daily network transactions have reached a 7-day moving average of 2.34 million, marking an unprecedented all-time high that starkly contrasts with recent bearish price action.
Supporting the bullish fundamental picture, spot exchange data shows aggressive accumulation by investors. On January 26, Coinglass recorded $66.93 million in net outflows from exchanges, indicating a significant movement of ETH off trading platforms and into private wallets, a classic sign of holder confidence.
Concurrently, technical analysts are drawing parallels between Ethereum's long-term chart structure and that of gold. A comparison shared by analyst 'apugeneral' on X shows both assets exhibiting a similar pattern: a major peak, a prolonged rounded basing phase, and repeated tests under a slightly rising resistance line. While gold has already broken above this resistance and accelerated, ETH, trading near $3,007 on the two-week chart, remains below its own ceiling. A clean two-week close above this resistance could signal a potential breakout scenario mirroring gold's subsequent vertical move.
Separately, a weekly chart analysis from 'Crypto TheBoss' depicts ETH trading near $2,954 within a long-running ascending channel that has guided price action since mid-2022. The price is currently resetting near the channel's midpoint after a pullback from the upper boundary. The structure has consistently produced higher lows, with the lower channel boundary acting as critical support. A decisive weekly close below this boundary would represent the first major structural failure of the bullish channel in years.
