Is Ethereum Ready to Bounce from the Channel Low?

The ETHUSDT ETHUSD chart shows Ethereum trading near the lower boundary of the ascending parallel channel, with the $2,200 level serving as a key support zone. This area is particularly significant as it aligns with previous resistance turned support, making it an attractive entry point for long-term buyers.

Historically, ETH has respected this lower channel trendline, bouncing off it on multiple occasions. The current price action suggests that the pattern remains intact, reinforcing the possibility of another upward move from this region.

If the price holds and momentum builds, projecting the width of the current consolidation channel gives an estimated upside target near the $6,300 level. This aligns with the channel’s upper boundary and represents a potential long-term target should the bullish scenario unfold.

👨🏻‍💻💭 What’s your plan? Will ETH hold $2,200 and climb toward $6,300, or is more consolidation ahead? Share your thoughts and let’s discuss potential strategies!
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