Ethereum (ETH) Hits a Historical Trendline: Is $10,000 Next?

Ethereum is trading near the 2016 trendline, with the RSI and MACD showing strong early. Analysts see the $3K zone as a possible launch point.

At the time of writing, ETH is trading around $3,000, with a 24-hour trading volume of $14.6 billion. The asset is up 7% over the past seven days, despite a small decline in the past 24 hours (according to CoinGecko data).

Ethereum is retesting the multi-year support zone

A graph posted by Merlijn The Trader shows ETH trading within a green zone that has served as a base since 2016. This area has previously seen cycle lows followed by strong moves upward. The price action in 2017 and 2020 both followed the same pattern: a bottom, a retest, and then a sharp rise.

Remarkably, the current level is again close to this zone. ETH is exhibiting behavior similar to previous cycles where the retest phase led to strong breakouts. So far, the trendline has not been broken since it was formed.

Meanwhile, technical indicators point to a shift in short-term momentum. The daily Relative Strength Index (RSI) stands at 40.76, still below the neutral line of 50, but recovering from previous lows. This suggests that bearish pressure is easing.

Additionally, the MACD has turned positive, with a recent crossover above the signal line. The MACD reading now stands at 34. This move follows weeks of negative momentum and suggests early strength is building.

Whales absorb the selling pressure during the liquidity move

Merlin too shared a liquidity heatmap showing strong buying interest between $2,750 and $2,850. ETH fell into that zone and recovered.

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“Price hit a huge bidding wall. Whales silently absorbed it,” he wrote.

Soon after, ETH hit the sell side near $3,200 before retreating. The current price range between $2,950 and $3,050 is showing signs of silent accumulation. Merlin commented: “Next phase: imitate the late buyers. Don’t blink.This phase often precedes a larger change in direction.

Levels to watch

Daan Crypto Trades noted that ETH is between $2,600 and $3,000. A move above $3,050 could target $3,300-$3,400. A drop below $2,600 would shift the structure and bring $2,000-$2,200 into focus.

At the same time, analysts believe ETH could reach $9,000-$10,000 if the current pattern continues. While the setup is in place, they recommend monitoring key levels before expecting continuation.