Ethereum is back at a key support zone, and traders are watching whether buyers can defend it again. Two long-term charts suggest $ETH could either start a major recovery or risk a deeper breakdown.
Ethereum Tests Key Support as Market Reaches Decision Point
Ethereum may be approaching a pivotal moment as price revisits a major support zone that has repeatedly shaped previous market cycles.
According to the weekly chart shared by analyst Donald Dean, $ETH is trading near the long-term $1,600-$2,000 support region while sitting above a rising trendline that has remained intact since the 2022 bear market lows. The setup suggests Ethereum is entering another make-or-break phase.
$ETH/USD Weekly Chart. Source: Donald Dean (@donaldjdean)
The chart highlights two previous periods when $ETH rebounded from similar structures. Following those consolidations, Ethereum rallied roughly 366% and 249%, respectively. Dean noted that despite Ethereum now having more real-world applications, institutional interest, and on-chain utility than ever before, price has once again returned to test support.
A key level to watch remains the psychological $2,000 area, which previously acted as both resistance and support. However, $ETH has recently slipped below that zone and is now attempting to hold a cluster of lower support levels.
Volume Profile analysis also points to two notable “volume shelves” around the current price range. These areas represent zones where significant trading activity previously occurred and could provide a foundation for renewed demand if buyers step in.
At the same time, the ascending trendline intersecting near current levels adds another layer of technical significance. A successful defense of this confluence could strengthen the case for a recovery toward higher resistance levels.
The chart does not confirm an immediate bullish reversal. Instead, it suggests Ethereum is at a decision point. Holding current support could open the door to another recovery phase, while a breakdown below the trendline and volume shelves would increase the risk of deeper downside.
For now, traders appear focused on whether Ethereum can once again turn a major support test into the starting point for its next move.
Ethereum Could Target $35,000 by April 2027, Analyst Says
Ethereum may be tracking within a long-term bullish structure that points to a potential move toward $35,000 by April 2027.
Analyst Don Wedge shared a multi-year $ETH/USD chart showing Ethereum trading near the lower boundary of an ascending channel that has guided price action since 2017. The chart projects a possible upside target of $35,350 if the pattern continues to hold.
$ETH/USD 3-Day Chart (Long-Term Ascending Channel Projection). Source: Don Wedge (@DonWedge)
According to the analysis, Ethereum is currently testing support along the channel’s lower trendline after failing to sustain momentum above recent highs. Previous touches of this support area have preceded significant advances, making the current setup a key level to monitor.
The chart outlines three major components shaping the long-term outlook:
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Lower Channel Support: Ethereum is approaching the lower boundary of its long-term ascending range, marked by the two magenta trendlines.
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Upper Resistance Trendline: The yellow trendline represents the top of the broader structure and intersects near the projected $35,350 target.
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Time-Based Projection: The bullish scenario suggests $ETH could reach that level around April 2027 if the historical trend remains intact.
However, the projection remains speculative rather than predictive. Ethereum must first maintain support within the channel and reclaim higher resistance levels before a move toward the upper boundary becomes technically viable.
The chart does not guarantee that $ETH will reach $35,000. Instead, it highlights a long-term framework suggesting that, if the established trend persists, Ethereum could still have substantial upside potential over the coming years.
