ETH tested the resistance at $2,069 on Monday following its transaction fees dropping to an all time low.
The recent crypto downturn, sparked by Trump's tariff threats, has affected Ether's performance. This altcoin has declined by over 35% in nearly two months, as the crypto market has shown an increased correlation to macroeconomics.
The weakness in prices and ETH ETF flows has also trickled into on-chain activity, with Ethereum's average transaction count dropping to levels last seen before Trump’s election victory
Ethereum moved above the $2,069 resistance of a rectangular channel for the first time in two weeks. The move comes after ETH bounced off a descending channel's support last Friday.
A rejection at $2,069 could send ETH toward the $1,818 support level. However, a firm move above $2,069 could send ETH to test the $2,267 level.
The Relative Strength Index (RSI) is below its neutral level but trending upward, indicating a weakening bearish momentum. Meanwhile, the Stochastic Oscillator (Stoch) crossed to the overbought region, signaling a potential correction.
