Ethereum Could Be Entering a New Bullish Cycle

Ethereum Could Be Entering a New Bullish Cycle—How High Can the ETH Price Go in 2026?

After failing to hold above $2500, the Ethereum price has been facing notable upward pressure that has dragged the price below $2400. The token is underperforming slightly, primarily driven by a macro shock that triggered a cascade of leveraged long liquidations. With this, the price has yet again landed in a decisive phase that raises questions: whether this is the start of Ethereum’s next major uptrend?

Ethereum Needs to Hold $2,320 to Maintain Bullish Structure

The Ethereum price chart is showing a notable change in the structure. After forming major lows around $880, $1,350, and $1,500, $ETH has gradually recovered and now appears to have broken above the $2,370 weekly structure. This level is important because it represents the first major weekly structure. If $ETH holds above this area, the breakout could strengthen the case for a sustained uptrend.

As seen in the chart, $ETH has recovered strongly, but a breakout without a clear increase in trading volume would be less convincing. On the other hand, OBV remains well below the peak, maintaining a descending trend. This suggests that the buying pressure has not fully confirmed the move. Besides, open interest stands near 752K, showing that derivative participation remains elevated. However, the $ETH price remains stuck at the resistance, which suggests excessive leverage could increase the risk of a sharp pullback.

Ethereum Market Data Gives Mixed but Constructive Signal

Ethereum’s technical set-up is improving, but the supporting market data is not fully bullish yet. Several indicators are constructive, while others show that $ETH still needs stronger buying pressure to confirm the next leg higher.

• The Ethereum exchange reserves have fallen to around 14.92 million $ETH, the 2026 low, which could reduce readily available selling supply if demand rises.

• More than 42 million $ETH is currently staked, meaning a substantial portion of the circulating supply is committed to the network

• After 12 consecutive sessions of net inflows, the spot ETFs recorded approximately $48.2 million in net outflows

• Binance’s estimated $ETH leverage ratio has declined from around 0.99 in June to 0.647, suggesting the market is less aggressively leveraged than it was earlier in the cycle

• The funding rate remains relatively moderate, which indicates that bullish positions still dominate but does not show extreme optimism.

The above combination gives Ethereum a constructive but unconfirmed setup. Falling exchange reserves and controlled leverage provide a healthier scenario. However, weaker ETF flows and OBV show that fresh demand still needs to return.

Ethereum Price Prediction: Is $4600 a Realistic Target for $ETH?

Ethereum’s current structure supports the possibility of a new bullish cycle, but the move still needs confirmation. Holding above $2,370 to $2,400 would keep the bullish setup intact, while stronger volume and improving OBV would add conviction to the breakout. If the $ETH price clears this zone, $3,250 looks like the next target, followed by $3,850 if momentum builds. Currently, the Ethereum price appears to have entered early stages of a new cycle, but $4600 target currently appears to be a bullish scenario rather than a certainty.

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