Ethereum’s Path to Recovery: Can It Reach $2,440 Soon?

As of April 2026, Ethereum’s value stands at $2,255.04, reflecting a significant monthly increase of 7.09%. This rise follows a notable low of $2,017.09, which recently tested a crucial ascending support trendline that has been in place since 2019, indicating strong underlying market dynamics.

The ascent has established Ethereum above this support level, responding positively to macro momentum cues. The monthly MACD histogram has registered a positive reading of 129.89 for the first time since the significant decline in late 2025 after reaching a peak near $4,800.

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Analysts identify the immediate bullish target for Ethereum at the 50-day Simple Moving Average (SMA), priced at $2,440.86. Should the cryptocurrency manage to close above this mark, it could signal a positive shift in its momentum, while a dip below $2,017 would raise concerns, exposing the price to risk as low as $1,500, which represents a key structural level.

In context, the monthly candlestick formation for April displays a long lower wick, a pattern often indicating buying interest at critical price points, suggesting that investors are absorbing the supply successfully at this trendline level.

Ethereum’s support trendline has endured multiple tests, connecting significant bear market lows and acting as a structural pillar in its price history. The recent price action following the $2,017.09 low demonstrates resilience, with a monthly recovery positioning Ethereum firmly above this trendline.

Looking at the MACD, while both lines remain negative, the crossover has indicated potential momentum shifts, suggesting that the market might be gearing up for a reversal even as the broader trend is yet to confirm this upside movement.

Crypto analyst Leshka shared insights on social media, speculating that Ethereum could triple or quadruple in the next six months. This perspective is backed by evidence of a tightening supply on centralized exchanges, reinforcing the notion of a solid base forming around the current price levels.

In terms of key price levels, the ascending trendline serves as a structural floor at approximately $2,000 to $2,100. Holding above the $2,017.09 level is critical for maintaining this bullish outlook. However, breaking below would likely lead to a test of the $1,500 mark, which has been identified as the last major support area before the price could potentially slip into uncharted territory.

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On the upside, traders are eyeing the SMA 50 at $2,440.86 as the primary target for recovery, with a successful close above it possibly indicating the beginning of a more favorable trend. The SMA 20, set higher at $2,857.71, represents a secondary target if momentum continues to strengthen.

The on-chain metrics reflect positive trends as well. Data from perpetual futures indicates a cautiously optimistic funding rate as of mid-April, suggesting that demand from long traders is gradually returning. Additionally, the Ethereum Foundation’s staking of 45,000 ETH earlier in the month is expected to alleviate some selling pressure, yielding significant annual returns.

Looking ahead, the anticipated Glamsterdam upgrade in the first half of 2026 is expected to enhance Ethereum’s scalability, potentially lowering transaction costs across Layer-2 solutions and solidifying its fundamental position within the market.

To summarize, if Ethereum can sustain its position above the trendline and the MACD continues to signal improvement in momentum, then the SMA 50 at $2,440 may be well within reach. Conversely, a monthly close beneath $2,017 would undermine this bullish scenario and shift market sentiment negatively.