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ETH Ethereum once again tests key breakthrough level, with cup handle shape in focus
Ethereum, after weakening momentum after its first attempt to rise, is now testing a key breakthrough level again, adding uncertainty to the short-term price trend of the cryptocurrency.
Test breakthrough level: Cup handle shape becomes the focus of attention
After briefly breaking through the neckline of the classic cup handle shape, Ethereum has fallen back to this key price point for retesting. This neckline is between $1825 and $1850 and has served as an important resistance level many times recently. Ethereum climbed to $1930 after the breakthrough, but failed to hold on to the gains and the price fell back to the edge of its previous resistance zone. Market analysts believe that if prices rebound at this level, it may mean that previous resistance has transformed into new support, thus keeping Ethereum's bullish structure unchanged.
If buying demand returns and prices remain above the neckline, market attention may quickly shift to resistance levels of $1900 and $1950, and the psychological level of $2000 will also become a key target for traders in the short term. If prices clearly lose momentum at the neckline, it will weaken the technical form and may signal another failed breakthrough, increasing the risk of a larger correction. In this case, Ethereum may first retreat to US$1775. If the decline continues, around US$1700 will provide strong support.
Long-term outlook: multi-year channels support 10,000 yuan goals
Looking at the longer term, Ethereum is still near the bottom of the long-term rising price channel and has recently held support in the weekly demand area of $1537 to $1683. Technical strategists pointed out that as long as the region remains solid, the overall upward trend remains intact and provides a path for prices to move towards higher levels.
Chart analysis shows that Ethereum briefly fell below its long-term trend line, before buyers pulled it back above, forming a strong bullish candle on the weekly chart. However, to build confidence, Ethereum needs to maintain support near $1700 to $1800 and regain the high-volume trading area above $2000.
The road leading to the upper boundary of the corridor (expected to be between US$10000 and US$12000) faces multiple obstacles. Ethereum first needs to break through seller pressure in the $3000 to $3400 range and return to the previous cycle's high of about $4800. Further gains could challenge the $6400 resistance level before approaching the five-digit price zone. A break below the $1537 to $1683 order block could threaten a rebound and cause Ethereum to test liquidity near $1200 before a substantial reversal occurs.
Overall, the five-digit target remains a long-term possibility, depending on whether Ethereum can hold key support levels and regain its previously highly active trading area.
