Ethereum is nearing a critical juncture in its price action as two widely followed charts indicate that key support levels are being tested. One chart shared by Ali Charts suggests that the cryptocurrency may be forming an ascending triangle, with the rising trendline acting as a crucial level for buyers to defend.
The weekly chart shows Ethereum trading near $2,043 after a sharp pullback from the upper end of its recent range. The rising support line extends from 2022 through 2026 and connects a series of higher lows, meeting the market around the $1,800 area.
If this support level holds, it could stabilize the price and allow Ethereum to attempt another move higher. In fact, Ali Charts suggests that a successful defense of the trendline could open the way for a rally towards $4,900, which marks the upper resistance area shown on the chart.