Ethereum is holding near $2,187 within a rising channel, with price action now focused on a key resistance level that could unlock a move toward $2,500.
The 78.6% Fibonacci retracement at $2,393 marks the primary barrier, having previously triggered a rejection in mid-March before a pullback.
A 12-hour close above this level would open the path toward $2,494 and potentially higher extension targets, according to current technical structure.
On-chain data shows strong accumulation, with exchange outflows reaching as much as -1.2 million ETH in a single day, reducing immediate sell pressure.
However, the NVT Signal has climbed to around 60, indicating Ethereum’s market value is rising faster than its transaction activity.
This divergence suggests valuation risk if network usage does not increase to support higher prices.
The bullish setup remains intact while ETH holds above the rising channel, but a breakdown below $2,023 would invalidate the trend and shift focus to lower support levels.
At the time of reporting, Ethereum price was $2,159.38.