Ethereum Holds Trendline Support, Will Bulls Regain Control?

• Ethereum’s price hovers near $2,750, with $2,500 as key support—holding above could fuel a rally to $4,000 or beyond.
• Fibonacci levels shape Ethereum’s moves, with $2,368 as solid support and $2,958 as resistance—breaking past could trigger a surge.
• The long-term ascending channel remains intact—Ethereum’s bullish trend holds as long as it stays above critical support zones.

Ethereum’s price hovers around $2,750.54 with a modest 0.68% gain. Crypto analyst Ali suggests that holding above $2,500 could push Ethereum toward $4,000 or even $6,000. However, a drop below this level might trigger a decline to $1,700. 

Fibonacci Levels Define Ethereum’s Trajectory

The obvious upward channel has been in place within which Ethereum has been trading. The previous 0.618 Fibonacci retracement at $2,368.38 provided solid support while upside advances have been capped at resistance of the 0.786 Fibonacci level, which comes in at $2,958.95. These levels are important for any future price action.

The cryptocurrency previously peaked near the 1.0 Fibonacci extension at $4,051.21 before retreating. The decline tested various Fibonacci levels, including the 0.618 and 0.5 zones, before stabilizing. Despite multiple attempts, Ethereum failed to sustain momentum above $3,650, leading to another pullback.

Trend Channel Holds as Ethereum Consolidates

Ethereum’s long-term ascending channel remains intact, with the current price testing a key trendline. Historically, this trendline has served as strong support. A successful bounce from this level could confirm bullish momentum. However, a breakdown might expose Ethereum to lower Fibonacci levels, such as 0.382 at $1,699.75 or 0.236 at $1,384.44.

On the upside, resistance remains at $2,958.95 and $4,051.21. If bullish momentum strengthens, Fibonacci extension levels indicate potential targets of $5,937.47 and $7,248.90. As long as Ethereum stays above important support zones, the market structure points to a long-term positive trend.

Strong swings between important Fibonacci levels characterize Ethereum’s price behavior. Despite recent declines, the rising channel remains intact, indicating that the bullish trend will persist. The market will closely monitor Ethereum’s capacity to hold above $2,500 and bounce back from levels of resistance.