ETH Breaks Trendline: $2,650 Target or Fakeout?

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<a href="https://jpykr.com/eth-usd/">ETH</a> Cracks the Ceiling: Is Wave (C)’s $2,650 Target Now Inevitable?

Ethereum has recently surpassed a significant downward trendline, and according to Elliott Wave theory, it could reach $2,650. However, some analysts caution that this price increase might not be sustainable and could be a temporary fluctuation.

For months, a consistent price limit stopped Ethereum from making any significant gains. This pattern continued from October, November, and December, and lasted into early 2026, consistently preventing price increases.

Ethereum’s price movement on Sunday altered the previous trend. It broke through a downward pattern that had formed since the high point in late 2025, and its current value is higher than most traders anticipated for this month.

$2,650: The Number Everyone Is Now Watching

On Sunday, a cryptocurrency analyst known as @Morecryptoonl on X highlighted a potential price target for the current market wave. They indicated that a key technical level between $2,650 and $2,657, based on the 100% Fibonacci extension, could signal the end of this particular price movement. The analyst confirmed their strategy remains unchanged, noting this target has been predicted since the beginning of this recent price trend.

We’re aiming for a price of around $2650 as a key target. This level still looks promising. Currently, Ethereum is moving above a previous downward trend.

No change to plan.

— More Crypto Online (@Morecryptoonl)

Source: Morecryptoonl 

As I’ve been analyzing the price action, I’m seeing a potential Elliott Wave pattern unfolding. It looks like we’re in a corrective phase, specifically an A-B-C sequence from the recent high. Wave A marked the initial and significant drop, followed by a bounce which I’m interpreting as Wave B. Right now, the price is breaking above a key trendline, and this move appears to be Wave C. Based on the pattern, I’m targeting a move that will fully retrace the distance of Wave A, completing the corrective sequence.

At the time this was written, Ethereum was trading between $2,320 and $2,370. Reaching $2,650 would be an increase of about 12 to 14 percent.

The Breakout That May Not Be What It Looks Like

On April 25th, a Twitter user named @Morecryptoonl shared a warning about Ethereum. At the time, the price was nearing a key trendline, but hadn’t broken above it. They predicted that unless the price completed a specific pattern (five upward waves), any temporary rise above the trendline would likely be a false signal, potentially followed by a significant price drop of 10 to 30 percent.

That was nine days before Sunday’s candle.

It’s important to understand this difference: according to the analyst, a price breaking through a trendline isn’t significant unless it’s accompanied by a clear, five-wave pattern. This means that predicting a price of $2,650 and warning about a false breakout aren’t opposing ideas – both could actually be correct simultaneously.

According to a Fibonacci grid analysis shared by @Morecryptoonl, Ethereum’s price could potentially reach between $2,800 and $3,200. The analysis suggests resistance levels at 123.6%, 138%, and 161.8% extensions. Conversely, the chart indicates support levels between $1,600 and $1,800, specifically at the 78.6% and 88.7% retracement levels.

After $2,650, the Map Gets Complicated

According to analyst @Morecryptoonl, their main prediction hasn’t changed. They still believe this recent price increase, even with the break of a key trendline, is just a temporary correction within a longer-term pattern, not the beginning of a new one. This suggests the price could fall back down significantly once a specific pattern (labeled ‘C’) finishes around the $2,650 level.

Ethereum’s price peaked above $4,900 in 2025, but it’s currently trading more than 50% lower than that high.

It’s still unclear if the current market pattern is a temporary correction or the start of a new upward trend. If we see significant trading volume and a clear five-wave price increase past $2,650, it would suggest the correction idea is wrong. Otherwise, the market is likely to follow the previously expected path.

As @Morecryptoonl pointed out on April 25th, a short-term price fluctuation shouldn’t be mistaken for a lasting shift in the overall trend. While the price has changed, the long-term direction is still uncertain.

Please note: This article shares technical analysis and opinions gathered from public sources and X. It is not financial advice, and the price analysis presented reflects the views of the original source.

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2026-05-04 19:40