币界网报道：Ethereum (ETH) is currently holding a critical long-term support channel that could determine its next major price movement, according to technical analysis. The cryptocurrency has been trading within a multi-year ascending channel, with its current price hovering near the lower boundary—a historically strong support zone. Analysts suggest that if ETH maintains this level, it could trigger a parabolic rally similar to previous bull cycles. The asset recently rebounded from the $1,550 support level, reinforcing optimism among traders. However, failure to hold this channel could lead to a deeper correction, potentially testing the $1,200-$1,300 range. On-chain metrics indicate strong accumulation by long-term holders, with exchange reserves declining—a bullish signal for reduced selling pressure. Meanwhile, Ethereum's network activity remains robust, with growing adoption in decentralized finance (DeFi) and non-fungible tokens (NFTs). The upcoming Ethereum network upgrades, including EIP-4844 (proto-danksharding), are also seen as potential catalysts for price appreciation. Market participants are closely watching Bitcoin's performance, as ETH often correlates with BTC's movements in broader market trends. Some analysts predict ETH could outperform Bitcoin in the next cycle due to Ethereum's expanding utility and deflationary supply mechanism post-Merge.