Technical analysis by lixing_gan about Symbol ETH on 10/8/2025

ETHUSD is near its recent all-time high, with accumulation by large holders and institutions. Exchange balances have declined to multi-year lows. On-chain data shows daily active addresses increased in late Sep, while transaction volumes, protocol usage, and ETH burned have decreased, exposing near-term downside risk if network demand and burn rates do not recover. ETHUSD rebounded from the ascending channel's lower bound at 3880 and closed above the Ichimoku Cloud. A break above the Fibonacci Confluence zone and 5000 psychological resistance may prompt further gains toward the 127.2% Fibonacci Extension at 6000. Conversely, a bearish breakout of the channel and close below the 3880 support may prompt a further decline to the following support at 3400. By Li Xing Gan, Financial Markets Strategist Consultant to Exness