Ethereum is trading near $1,620 as analysts identify a breakout above key short-term resistance and a long-term support trendline that has held from 2022 through 2026. Analyst Chris noted ETH broke above a confluence zone near $1,643 that included a descending trendline, the daily cloud, and the 0.5 Fibonacci level on the 4-hour chart. The technical setup follows a period of weak sentiment around Ethereum, with analyst Investor Jordan describing the current area as sitting on a rising support trendline that connected several major lows in previous cycles.
Ethereum Holds Long-Term Support Trendline as Analyst Projects $12K Target
Investor Jordan stated that Ethereum may be sitting at another major bottoming area based on a long-term rising support trendline. The chart shows ETH repeatedly finding support along a rising trendline that connects several major lows from 2022 through 2026, with each point marked as a bottom.
According to Investor Jordan, this setup represents a "generational opportunity" if the pattern continues to hold. The chart projects a recovery from current levels followed by a push back toward the major horizontal resistance near $4,983. If ETH breaks above that level, the chart suggests the next leg higher could extend toward the $12,000 area over the longer term.
The bullish case depends on support holding at the rising trendline. If Ethereum loses the trendline, the bottoming pattern would weaken and the higher-target scenario would become less reliable. The key level to watch is the current trendline support near the recent lows.
Ethereum Breaks Above $1,643 Confluence Zone on 4-Hour Chart
Ethereum pushed above a cluster of short-term resistance levels on the 4-hour chart. The chart shows ETH breaking above a descending trendline, the daily cloud, and the 0.5 Fibonacci level near $1,643. Those levels formed a key confluence zone.
Chris said the move stands out at a time when sentiment around Ethereum remains weak. In his view, the chart looks stronger than many broken technology names and points to improving short-term structure across crypto.
The next upside levels on the chart sit near the 1.0 Fibonacci extension around $1,776, followed by the 1.618 level near $1,943 and the 2.0 level near $2,045. Those areas could become the next resistance zones if Ethereum continues higher.
The RSI at the bottom of the chart is trending up. Chris added that a rollover later into October remains possible and is still part of his broader base case. Based on the current 4-hour setup, he said it is difficult to call Ethereum bearish here. The breakout above the confluence zone is the main development to watch.
FAQ
What price is Ethereum trading at according to analyst reports?
Ethereum is trading near $1,620 as analysts identify technical breakout patterns and support levels.
What resistance level did Ethereum break above on the 4-hour chart?
Ethereum broke above a confluence zone near $1,643 that included a descending trendline, the daily cloud, and the 0.5 Fibonacci level, according to analyst Chris.
What are the next resistance levels for Ethereum after the breakout?
The next upside levels sit near the 1.0 Fibonacci extension around $1,776, followed by the 1.618 level near $1,943 and the 2.0 level near $2,045, with major horizontal resistance near $4,983.
