Ethereum has managed to maintain its long-term upward trajectory despite substantial recent declines. While ETH has yet to approach its previous peak range between $4,800 and $5,000, the ascending support line on the weekly chart continues to hold firm. Technical analysts note that the second-largest cryptocurrency still has a recovery roadmap that could stretch up to $10,000, though it must first overcome key technical hurdles ahead.
Upward support line remains strong
A prominent ascending trend line, which originated at Ethereum’s 2022 low point, stands out on the weekly chart. So long as ETH closes above this line, the coin continues to form higher lows on a long-term basis. However, analysts warn that losing this support could undermine the broader technical outlook.
An analysis shared by Rendoshi AI draws attention to a short-term downward trend line hovering just above the current price. Should ETH break above this resistance with strong trading volume, it could signal that selling pressure is easing. Until this move materializes, a confirmed uptrend in the overall market remains elusive.
“Ethereum has not lost its ascending support yet. The $4,800 to $5,000 range has repeatedly acted as resistance on upward moves; breaking through would offer crucial confirmation for further gains,” Rendoshi AI noted in its analysis.
If ETH fails to hold the upward support, it could seek a new equilibrium in its previous weekly demand zone, signaling a potential phase of consolidation.
RSI and the need for a breakout
Currently, the Relative Strength Index (RSI) does not provide a broad-based signal for upward momentum. With the RSI still below its midline, it is difficult to expect clear market optimism without a forceful weekly surge. Nevertheless, the possibility of buyers re-entering the scene in the short run remains technically valid.
The $4,800 to $5,000 band serves as both a psychological and technical barrier for the market. If Ethereum manages to close above this critical region on a weekly basis, long-term bullish scenarios are likely to take center stage for crypto investors. Analysts also expect a retest after any initial breakout, which could pave the way for a new rally toward the $10,000 level.
| Level | Status | Importance |
|---|---|---|
| Ascending support line | Holding | Positive outlook in medium-long term |
| $4,800-$5,000 resistance zone | Unbroken (crucial test) | Critical for major breakout |
| $10,000 target | Possible only after strong breakout | Long-term potential |
Macro perspective: Far from 2020 lows
From a macro view, Ethereum’s current price remains well above its sub-$100 lows from the previous cycle. Charts published by The Great Mattsby highlight that even with recent volatility, ETH is still a considerable distance from the 2020 bottom, which analysts interpret as evidence that a full-scale bear market has not yet taken hold.
Despite recent sharp swings, ETH has been consolidating within a tight range—a common pattern in cryptocurrency markets. According to technical perspectives, Ethereum now looks for a decisive weekly breakout that could bring an end to this sideways trend and ignite a new upward phase.
Summarizing his analysis, The Great Mattsby commented, “Even though ETH’s current price looks weak compared to its previous peaks, it is still far from the lowest points seen in 2020. This sustains long-term optimism in the market.”
In conclusion, both technical indicators and input from major market analysts suggest that crucial weeks are ahead for Ethereum. The coin’s next significant move will likely be shaped within the narrow band marked by the ascending trend support and the old peak region.
