Ethereum's price is stabilizing around the $3,200 support level after failing to break the $3,400 resistance. This level has seen repeated interactions, acting as both support and resistance in recent sessions. Analysts suggest that if Ethereum maintains this support, it could attempt a recovery towards $3,350 and $3,400, with a potential rally to $3,650 if the triangle retest holds. On-chain activity for Ethereum has reached new highs, with weekly transactions exceeding 12 million, while median transaction fees remain under $0.02. This indicates increased network usage without congestion, supporting Ethereum's role in decentralized applications and Layer 2 solutions. Analysts view this as a positive structural development for Ethereum's ecosystem.