Ethereum made headlines after holding above its long-term ascending support line and decisively breaking through a major short-term resistance corridor. Analysts suggest that if the price remains above this breakout area, ETH could first target the $1,776 to $2,045 range, potentially setting the stage for a larger upside cycle.
Long-term support remains intact
At the time of reporting, Ethereum is trading at approximately $1,620. Investor Jordan, one of the market observers tracking ETH, indicates that the cryptocurrency has likely entered a strong reaction zone above the long-standing upward support line that has proven reliable during previous market cycles. This trend line connects several significant low points seen between 2022 and 2026.
Each of these lows is marked as a potential bottom on the chart, and the current price level may serve a similar function. Investor Jordan believes that so long as this structure holds, it could present an appealing opportunity for long-term investors.
Investor Jordan points out that maintaining the long-term ascending support line could mark the current level as a major bottom, with potential for the price to retest its main resistance near $4,983.
Under this scenario, the primary threshold stands at $4,983. According to Jordan’s projection, if Ethereum can surpass this level, a new long-term rally could carry prices up to the $12,000 region. However, sustaining the bullish outlook depends on not losing the ascending support line.
As the most widely used blockchain for smart contracts and decentralized applications, Ethereum’s technical breakouts attract close attention—not only in the spot market but also across the broader crypto ecosystem, influencing overall market risk appetite.
Short-term focus shifts above $1,643
On the four-hour chart, Ethereum recently broke out above a dense cluster of resistances around $1,643, formed by a descending trend line, the daily cloud region, and the 0.5 Fibonacci level. The convergence of multiple resistance points at this level made it a crucial area to watch in the short term.
Mini glossary: Fibonacci extension levels are ratios used in technical analysis to forecast possible resistance and target zones. The RSI is a momentum indicator that measures the speed and strength of price movements.
Chris notes that despite a generally bearish market sentiment for Ethereum, the short-term chart appears more constructive. According to him, this setup signals a strengthening short-term structure within the crypto market.
Chris emphasizes that the current four-hour setup now makes it difficult to argue for a downward scenario for Ethereum, though he notes the risk of renewed weakness reemerging toward October has not been eliminated.
Immediate upside targets now stand at $1,776, $1,943, and $2,045. The continued rise in the RSI indicator further suggests that short-term momentum is shifting in favor of buyers. Nevertheless, analysts caution that if Ethereum fails to maintain support above the newly broken resistance, the bullish scenario could quickly fade.
| Indicator | Level | Significance |
|---|---|---|
| Short-term breakout zone | $1,643 | Holding above this level could strengthen bullish momentum |
| First resistance | $1,776 | First short-term target zone |
| Second resistance | $1,943 | Level to watch if the rally continues |
| Third resistance | $2,045 | Upper band of the short-term target range |
For the near term, the key question is whether Ethereum can sustain itself above this decisive resistance area. Should buyers manage to defend this zone, July could kick off with an even stronger upward momentum.
