Ethereum price targets $2.060 after support at $1.850

Ethereum bounces back after testing the lower boundary of its rising price channel. Analyst Ali Charts (@alicharts) notes that the Ethereum price is currently trading around $1.900, a decline of 2.2% in the past 24 hours. However, the technical structure remains intact, which leaves room for optimism towards higher levels.

Ethereum is available at OKX and Bybit.

Rising channel remains intact after support test

On the hourly chart, it is visible that Ethereum has been moving within a rising channel over the past weeks. The price recently tested the lower boundary of this channel around $1.850, but has managed to stay above it for now. According to Ali Charts, this recovery is an important signal.

As long as the support level of $1.850 holds, the analyst expects a move towards the upper boundary of the channel, which is located at $2.060. An intermediate level to watch is $1.980. This aligns with earlier signals pointing to a potential recovery for Ethereum.

What does this mean for the price in the short term?

Ali Charts’ scenario is relatively straightforward: as long as Ethereum stays above $1.850, the bullish pattern remains valid and a push to $2.060 is the most logical next target. However, a break below $1.850 could significantly alter the picture and potentially usher in a deeper correction.

The current price of $1.900 means that Ethereum is now situated in the middle of the channel, with a clear support zone on one side and still about 9% upside potential towards $2.060 on the other. Meanwhile, positive signals are also coming from the Ethereum ETF market, drawing additional attention from larger investors. Whether the bulls have enough strength to maintain the momentum will become clear in the coming days.