Ethereum, one of the leading names in the crypto market, remains trapped within short-term technical levels in recent days. The world’s second-largest cryptocurrency currently trades dangerously close to the lower boundary of an ascending channel on the three-hour chart—a structure that has supported price gains since late March. Recent pullbacks have repeatedly pushed ETH to both the upper and lower ends of this channel, and with the latest drop, the price has once again returned to a critical zone.
Key level faces immediate test
According to a chart shared by technical analyst Elja, Ethereum’s next move hinges on its response at the channel’s lower limit. After retreating from peaks near $2,400, ETH is now testing the base of its upward trend. Should the lower boundary hold, a short-term price rebound could be on the cards, potentially triggering a renewed upward push for Ethereum.
On the other hand, if the support line is breached, the risk of a deeper drop intensifies. Such a scenario might trigger a rapid move toward lower support levels, effectively ending the channel structure and leaving the market in a more uncertain or weakened position.
The regular effectiveness of support and resistance points identified on the chart further underscores the significance of the current picture. Market participants believe these areas will dictate volatility in the short term.
Elja notes, “This channel will determine the direction Ethereum takes in the short run. If ETH holds the lower band, a fresh rally may follow, but if it slips below, the decline could accelerate.”
In summary, Ethereum now faces a pivotal short-term turning point. If the channel support is maintained, a recovery remains possible, but any breakdown may reignite selling pressure in the near future.
Long-term pathway targets $40,000 by 2029
In the medium and long term, a different analysis suggests Ethereum could be poised for much higher milestones. Crypto analyst Crypto Patel’s biweekly chart, shared on X, indicates that as long as ETH maintains its primary upward structure, it retains strong potential for significant growth in the years ahead. The analysis highlights the $1,300–$1,800 range as a key accumulation zone, noting the latest jump occurred above this trend.
The standout point in the long-term chart is that, during three distinct cycles, Ethereum faced resistance around the $4,700 level. Until a decisive breakout occurs, this price is expected to act as a ceiling in the medium term. Crypto Patel envisions that overcoming this barrier could unleash a new, powerful rally for Ethereum.
The forecast includes a range of scenario-based targets: $5,000 as the “ultra-bear” case, $7,000 as “bearish,” $10,000 as the “main” target, $20,000 as “bullish,” and $30,000–$40,000 for an “ultra-bullish” scenario. Still, these are not guarantees—they rest on Ethereum sustaining both its overall market structure and established support zones over time.
The projections also anticipate a staggering 800% to 995% price increase between 2028 and 2030. According to this scenario, Ethereum must first preserve its current support and then break through its long-standing resistance to usher in a fresh price cycle. Put simply, if Ethereum delivers on these technical signals, it could embark on a historic value surge in the years ahead.
