So what’s next? Will the ETH price rise above $3000 or face rejection & reach $2200?

The short-term chart suggests more volatility is required for the token to trigger a strong price action. But in the long-term, the price is trying to replicate a previous pattern that elevated the levels from $1550 to levels beyond $4000 in Q3 2023. Therefore, if a similar rebound is triggered, the price is believed to rise and form a new ATH.

The chart shared by a popular analyst, ALI, suggests the current rebound resembles the previous one. Hence the analyst predicts a new ATH could be around $6000 if the price follows a similar price action.

“Every bounce off this channel’s lower boundary has historically led to an average 130% price increase for Ethereum.

If this pattern holds, a similar move could push ETH to $6000, provided the key $2300 support level stays intact,” $ETH