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Following
ETH Key Points
ETH has broken through its main weekly downtrend line.
must hold on to the closing price of $2,300 to confirm this breakthrough.
The 50-week simple moving average is around $2,580, posing direct resistance.
A breakthrough of $2,580 will open the channel for a Fibonacci level to reach $2,800.
The weekly RSI has returned to the neutral zone above 50 and there is no overbought signal.
Ethereum breaks the trend line that has suppressed all rebounds since late 2025
Ethereum has been trapped below a downtrend line extending from a high of $4,950 for nearly twelve months. Every rebound attempt during this period was blocked at or below the falling ceiling.
Ethereum Weekly Price Chart, highlighting key support levels and moving average trends on August 24, 2026.
Prices surged from US$1,900 to about US$2,500 this week, decisively breaking through this pattern and also breaking through the larger decline of 0.236 Fibonacci pullback. This marks the first structural shift in the weekly chart in months. However, without confirmation, it does not make much sense to rush higher within the week. Breakthroughs require market acceptance, and bulls must hold on to the gains before the weekend to avoid false breakthroughs.
Why $2,300 is the current key line of defense
The 0.236 Fibonacci correction level near $2,300 has transformed from upper resistance to important structural support. The closing price stayed above $2,300, indicating the market was willing to absorb selling above the first major correction. A fall below that level would not completely destroy weeks of rally, but would put prices back below the trend line that had been breached and could turn the rally into another long trap. The intraday shadow can be probed deeper, but the closing price will determine whether the $2,300 can be a reliable bottom.
$2,580 is an obstacle to reaching the $2,800 Fibonacci target
Even if it breaks the trend line, Ethereum still faces strong upper resistance around $2,580, where the 50-week moving average is located. This indicator often serves as a trend turning point in higher time frames. If ETH breaks through the 50-week moving average, the next major target will be $2,800 (0.382 Fibonacci pullback). This area coincides with the significant structural consolidation range early in the cycle. The higher target remains just speculation before ETH consolidates $2,300 as support and breaks past $2,580.
Weekly kinetic energy turns to bulls
The weekly RSI has risen to about 60, recovering significantly from the near-oversold territory in June. Returning to the neutral 50 threshold suggests that buying pressure continues over a larger time frame rather than a simple low-volume rally. A RSI reading close to 60 means there is still plenty of room before hitting overbought territory (above 70). A bearish momentum divergence has not yet occurred, and if the upper resistance level is breached, the bulls are expected to continue their gains.
Failure scenarios: What breaks the bullish logic?
Bulls do not need to hold on to every intraday correction, but must protect key breakthrough areas. A return to the old channel below $2,300 for the weekly close would invalidate the breakout and could trigger a correction towards the $2,000 demand area. Although the June low of $1,500 remains the final macro bottom, the current focus remains on $2,300. The chart structure has improved, but building a multi-month reversal must start by holding the newly regained position.
