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ETH Ethereum is retesting key breakthrough levels, and the risk of false breakthroughs resurfaces
Ethereum is retesting a key breakthrough level after its first attempt to go up failed. If there can be a rebound, there is still hope for the long-term path to US$10000 to US$12000; if support is lost, it may fall back to US$1700 or even lower.
Ethereum returns to test a breakthrough in the shape of the cup handle, and the risk of false breakthroughs resurfaces
Ethereum has now fallen back to this area after briefly breaking through the neckline of the cup handle shape. Holding this position will maintain a bullish pattern, while another break may repeat the previous sharp decline after a false breakthrough.
The neckline is in the range of approximately US$1825 to US$1850. Ethereum has encountered resistance here many times before achieving a breakthrough. The price once climbed to around $1930, but failed to maintain momentum and has now fallen back to the breakthrough area for testing.
If it can rebound strongly from the neckline, it means that previous resistance has turned into support. By then, US$1900 to US$1950 will once again become the focus of attention. If buyers continue to control it, the psychological barrier of US$2000 is expected to be touched.
However, if the price clearly falls below US$1825, the cup handle shape will be weakened and may turn the recent trend into a false breakthrough. In this case, Ethereum may first test down to $1775, and a deeper support level will be around $1700.
Ethereum long-term channel saves US$10000 to US$12000 target
After holding on to the weekly demand zone of US$1537 to US$1683, Ethereum is now holding steady near the lower track of a multi-year rising channel. If the recovery can continue, it is expected to reopen the path to the upper track of the channel (approximately US$10000 to US$12000), but several major resistance levels need to be exceeded before then.
The chart shows that Ethereum briefly fell below the long-term trend line, then rebounded and closed out a bullish weekly line. This trend may be a false break, but buyers still need to regain nearby price control points and hold that position to confirm stronger demand.
The first step is to maintain support around $1700 to $1800. On this basis, Ethereum needs to recover the high volume area above $2000 before it can challenge the larger resistance area around $3000 to $3400.
If there is a stronger breakthrough, the previous high near $4800 will become the focus again. Continued upward momentum will then expose resistance near $6400 and then point to the upper channel regional target of $10000 to $12000.
However, if the order block of US$1537 to US$1683 is lost again, the recovery momentum will be weakened. By then, Ethereum may first sweep down liquidity around $1200 and then try to reverse it, which means that the five-digit target is still a long-term vision rather than a confirmed trend.
