Ethereum has been stuck at short-term technical levels lately. Ethereum, one of the leading names in the crypto market, is currently trading quite close to the lower boundary of an upward channel on the three-hour chart. This channel stands out as the structure that has been pushing the price upwards since the end of March. While the price has received reactions from both the lower and upper limits of the channel many times before, it has reached the critical zone again with the recent withdrawal.
Breaking Point in the Short Term: Channel Support Will Be Decisive
According to the chart pointed out by Elja, who is known for his technical analysis posts, the path that Ethereum will follow will depend on its reaction at the lower border of the channel. The price, which was previously pulled down from highs around $2,400, is now testing the bottom of this rising trend. If the lower line of the channel is maintained, it seems possible that a recovery will begin in the near term and the price will move up again.
However, in the scenario of the support line being broken, the risk of decline increases. A possible downward break could cause Ethereum to experience a rapid retreat towards the lower support zone. In such a case, the channel will cease to function and the market may follow a directionless or weaker structure.
The fact that the support and resistance points marked on the chart have worked regularly so far adds additional importance to the current chart. Market participants think these areas will be decisive on short-term volatility.
According to Elja: “This channel will determine the direction Ethereum will take in the short term. If it holds on to the lower band, a new rise can be expected, but if it falls below, the decline may accelerate.”
As a result, Ethereum is currently at a decisive short-term turning point. If it remains above the channel support, the price still has a chance to recover, but if it breaks below, selling pressure may increase again in the short term.
Long-Term Scenario: $40,000 Target by 2029 is on the Table
In the medium and long term, another analysis draws a road map in which Ethereum can achieve much bigger goals. According to the two-week chart of Crypto Patel, who shared on X, ETH has a serious upward potential in a few years as long as it maintains its upward main structure. The chart is based on the fact that $1,300 to $1,800 stands out as an important support and “accumulation” zone, with Ethereum making its latest jump above this trend.
The most striking point on the long-term chart is that the price has returned from around $4,700 in three different cycles. This level remains the upper limit for Ethereum in the medium term unless there is a permanent breakout. According to Crypto Patel’s prediction, exceeding this threshold may mean the beginning of a new upward wave for Ethereum.
The analysis also includes large-scale projections. In the scenario-based projection, $5,000 is listed as “ultra bear”, $7,000 as “bear”, $10,000 as “main”, $20,000 as “bull” and $30,000-40,000 as “ultra bull” target. However, these are not exact predictions; It is targeted based on Ethereum maintaining both its structure and current support zone over time.
The chart also projects upside potential of almost 800% to 995% in 2028–2030. According to this calculation, the current support must first be maintained, and then the resistance line that has not been overcome for a long time must be broken. In summary, if Ethereum can technically make this big breakthrough, it could literally enter a new price cycle.
