Ethereum (ETH) Eyes $2,000 but Momentum Remains Unclear

Key Takeaways

• Ethereum (ETH) bounced at the $1,550 horizontal support area.
• The ETH price trades inside a long-term descending parallel channel.
• Can Ethereum sustain its bounce and recover toward $2,000?

Ethereum (ETH) has been recovering since dipping to $1,385 on April 9, reclaiming the $1,550 support zone.

However, while some coins are bouncing hard, ETH’s recovery has been slower, lagging behind the broader market.

The price is still down more than 60% from its all-time high, and recent action has been marked by lower highs, hinting at shaky momentum.

Now, Ethereum is inching toward a key resistance zone. If it can break through, the path to $2,000 might open up.

ETH Price Bounces

On the weekly chart, Ethereum has been in a steady downtrend since hitting its cycle high of $4,108 in December 2024.

The decline followed a descending resistance trend line, bottoming at $1,385 in early April 2025.

ETH has since managed a modest bounce, confirming the $1,550 zone as support, but it’s still trading below that critical resistance line.

So far, the technicals aren’t offering much relief. Momentum indicators remain bearish, signaling that ETH may need stronger conviction or a catalyst before any real trend reversal takes shape.

The Relative Strength Index (RSI) is below 50, while the Moving Average Convergence/Divergence (MACD) is negative.

So, the weekly time frame does not give enough positive signs to suggest the ETH price will break out from its resistance trend line.

Ethereum to $2,000?

Things look more optimistic for ETH when zooming into the daily time frame.

For starters, the recent price action is playing out within a descending parallel channel, often a sign of a corrective move rather than a full-blown downtrend. That means a breakout to the upside is still on the table.

Adding fuel to that potential reversal, the MACD has printed a strong bullish divergence (marked in orange), which historically signals a shift in momentum.

Also worth noting: since topping out at $4,108, ETH has completed a clean five-wave downward move (in red), often setting the stage for a trend reversal.

Now, all eyes are on the channel’s midline. If ETH can push through it and stay above, it could spark a rally toward the $2,000 mark. The last time it managed that was in February (black circle), but since then, the midline has acted like a ceiling.

This time could be different if the bulls can build on the recent momentum.

Ethereum Trails Bitcoin

While the Ethereum chart shows bullish signs against USD, none are visible when charting against Bitcoin.

ETH/BTC has fallen by nearly 80% since December 2021 and shows no signs of slowing down.

The decline does not follow any discernible pattern, and technical indicators are decisively bearish.

ETH’s decline against BTC will likely continue until the price reaches the ₿0.017 horizontal support area.

This is the previous bear market low, below which ETH has not traded since 2017.

Unclear Trend Ahead

The Ethereum price has bounced since April, but the recovery has been weaker than Bitcoin and the broader crypto market.

Ethereum’s future trend is unclear. The weekly time frame is bearish, while the daily one offers hope for relief.

Whether the ETH price moves above the channel’s midline can help determine if it will reach $2,000.