The Ethereum ecosystem led the new and active developer statistics for 2025, while Solana secured the second position. Their correlation was notably strong, as highlighted in the recent report. The outflow of Ethereum from exchanges has also strengthened investor confidence. The ETH Exchange Supply Ratio on Binance stood at 0.033, suggesting that investors are transferring their tokens into self-custody. The market reached a level not seen in several months.
The announcement of Bhutan’s National Digital Identity, built on the Ethereum network, provides investors with a solid basis for a positive outlook. What insights do the price charts provide regarding the upcoming movement of ETH? The weekly timeframe indicated a bullish swing structure. The Fibonacci retracement levels were established using the swing move from $1,385 to $4,798. As of now, the bullish breaker block at $4k, marked in cyan, is functioning as a demand zone.
Despite the weekly price remaining above $4k, the OBV has fallen below the peak recorded in December 2024. Investors should take note, as there are indications that demand has decelerated in the past few weeks. The RSI continued to stay beneath the neutral level of 50. As we look ahead, a weekly session close beneath $3,712 could raise concerns, indicating that bears have the strength to push a retracement down to $3.1k. The daily chart indicates a bearish market structure following the decline beneath $3,815. The imbalance at 4.2 (white box) has been filled. The 4,250 level signifies the 61.8% Fibonacci retracement of Ethereum’s latest downward impulse move.
Consequently, Ethereum bulls could face challenges in the upcoming days to drive prices past the $4.2k–$4.4k resistance zone. However, this effort hinges on their capacity to sustain support above the crucial psychological threshold of $4,000. A decline beneath $3.9k may lead ETH to pull back to $3.4k in the coming week or two.