Ethereum slipped to around $2,440 this week, but chart analysts see a rebound toward $3,000 taking shape. Falling exchange balances and progress on the network's next major upgrade are adding to the bullish case.
Ethereum has slipped to around $2,440, yet several analysts still expect a rally toward $3,000 and beyond. The pullback follows a volatile week that pushed the token below $2,500 before it found footing.
A key chart level in play
Analyst Ali Martinez said ETH remains inside its four-hour channel and has reached the structure's lower boundary, with a possible rebound toward the mid-range and then the upper boundary near $2,570. He added that a strong four-hour close above that level, backed by volume, could confirm a breakout toward $2,700 and even $3,000.
Other traders point to a similar setup. BLADE spotted a double bottom formation on the chart and predicted the biggest move of the cycle is building, with a possible run past $10,000 next year. Mikybull Crypto separately argued that investors would not want to miss the rally now unfolding.
Falling exchange balances add support
The amount of ETH held on exchanges reinforces the bullish read. The figure dropped to a fresh ten-year low of around 14.6 million coins this week, suggesting investors continue moving coins into self-custody rather than leaving them ready to sell.
Network upgrade clears a hurdle
Ethereum's Glamsterdam upgrade just passed its latest private devnet rehearsal, clearing the way for a public test on the Sepolia network tentatively set for October 6, 2026. The hard fork targets nearly tripling Ethereum's block gas limit from roughly 60 million to 200 million. It is also projected to cut fees for many common operations by approximately 78.6%. If the Sepolia test goes smoothly, the upgrade could reach mainnet sometime in Q4 2026, though no specific date has been set.
Sources: CryptoPotato, Crypto Briefing
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