Ethereum holds key multiyear support as momentum improves; $2,440 emerges as next upside target
Summary
Ethereum is trading at $2,255 in April 2026, up 7% monthly after holding a critical long-term trendline near $2,017.
Monthly MACD has flipped positive for the first time since the 2025 decline, signaling improving macro momentum.
The immediate upside target stands at $2,440, while a breakdown below $2,017 risks a drop toward $1,500.
Ethereum is showing early signs of recovery after successfully defending a major multiyear support trendline that has defined its price structure since 2019. The asset is currently trading around $2,255, rebounding from a monthly low of $2,017, where buyers stepped in at a historically significant level.
The April monthly candle is forming a long lower wick — a classic signal of demand absorption — suggesting strong buying interest at the trendline. This level connects Ethereum’s major cycle lows from 2019, 2020, and 2022, making it one of the most important structural supports on the chart.
Momentum turns constructive at key support
The monthly MACD (12,26,9) has delivered a crucial shift in momentum. While both the MACD and signal lines remain in negative territory, the histogram has turned positive — its first such reading since Ethereum’s sharp decline from the $4,800 peak in 2025.
This shift indicates that bearish momentum is weakening, often a precursor to a broader trend reversal, especially when it coincides with a bounce from long-term support.
Key levels to watch
The multiyear trendline around $2,000–$2,100 remains the critical support zone. A monthly close below $2,017 would invalidate the bullish structure and open the door for a deeper correction toward $1,500 — a previous accumulation range.
On the upside, the 50-month simple moving average near $2,440 is the first major resistance. A decisive monthly close above this level would mark a shift in market structure and strengthen the case for further upside toward the 20-month SMA around $2,857.
On-chain signals support accumulation narrative
Market data suggests a gradual return of bullish sentiment. Funding rates in perpetual futures have turned slightly positive, indicating renewed long interest.
At the same time, large holders have been accumulating. Over 120,000 ETH was withdrawn from centralized exchanges in March — the largest outflow since October 2025 — pointing to reduced selling pressure. Additionally, the Ethereum Foundation has staked tens of thousands of ETH, further tightening circulating supply.
Upgrade outlook adds fundamental tailwinds
Ethereum’s upcoming “Glamsterdam” upgrade, expected in the first half of 2026, is set to enhance scalability through higher gas limits, parallel execution, and proposer-builder separation. These improvements could reduce transaction costs and strengthen Ethereum’s long-term value proposition.
Bottom line:
As long as Ethereum holds its multiyear trendline, the path toward $2,440 remains intact. However, a breakdown below $2,017 would shift the outlook bearish and put lower support levels back into focus.
