I just noticed that the Ethereum price is currently at an interesting support level after a pullback to the $1,894 zone. Looking at the weekly chart, there is a clear upward channel pattern — ETH seems to be in a long-term trend heading toward an somewhat ambitious target at $5,900.

So here’s the thing, based on analysis from several traders, the Ethereum price has tested support multiple times and each rebound has been quite strong. The previous peaks were at $4,055 and $4,833, which coincidentally align with the upper line of the channel. Meanwhile, the lowest support is at $1,565. The pattern shows a regular cyclical movement — up, down, up again — not random volatility. The latest reaction at $1,894 aligns with the previous accumulation zone, so this could be a good bounce to continue the trend.

There is also a widening wedge pattern indicating that the Ethereum price is experiencing increased volatility. The target of this pattern points to $5,400, which is in line with the increasing swing amplitude. This usually happens before a major move.

The most interesting thing is the weekly stochastic — the indicator shows a position similar to the previous cycle during a major reversal. Every time the momentum is oversold at extreme levels, then there’s a solid recovery. Currently, it shows signs of the same. If the historical pattern continues, the Ethereum price could resume its upward movement as momentum shifts higher.

So, in conclusion, the structure still looks bullish. Support at $1,894 is being tested, and if it holds, the projection is for Ethereum price to reach $5,400 first, then the larger target at $5,900 remains within reach. Of course, all of this depends on whether the support truly holds or not.