ETH Rebounds at $1,787 Mark With Upside Target to $82,000

• Ethereum touched the lower pitchfork trend near $1,787 and bounced with a strong move upward.
• The long-term chart shows support starting near $1,050 with a trend dating back to 2016.
• If momentum holds ETH could rise through levels like $9,000 and $28,000 with the top near $82,000.

Ethereum (ETH) has touched the lower boundary of a multi-year high-timeframe pitchfork channel, sparking interest among technical traders. The asset was seen trading at $1,787 on April 23, 2025, after gaining over 12% in a sharp daily rebound. The chart posted by user Chris on X outlines the ETH trajectory dating back to 2016, showing the current level at a historically critical zone.

Ethereum Bounces From Long-Term Trend Support

The pitchfork channel drawn on the weekly timeframe shows three core zones—upper resistance, median line, and lower support. Ethereum has now reached the lower boundary of this structure, a line that historically marked significant long-term lows. Each previous touch of the support band has led to extended price rallies, often lasting several months.

The current level near $1,787 aligns with the blue base of the pitchfork, indicating that Ethereum is trading at a structurally key price point. The broader pitchfork range spans from near $1,050 to $82,000, showing just how large the potential upside may be if past price behavior repeats.

The weekly chart clearly demonstrates Ethereum bouncing off the trendline multiple times, notably in early 2020 and again in 2018. Each time, those rebounds triggered sharp price climbs that led to new highs. The latest move adds to speculation that Ethereum may be entering a new bullish phase from the channel’s lower region.

Technical View Shows Low Downside and Wide Upside

According to the post by Chris, the chart presents a scenario with “infinite upside reward” and “minimal to zero downside risk” from this point. The language references the visual structure of the pitchfork, which gives Ethereum ample room to rally while suggesting that further downside would break long-term trend assumptions.

The lower boundary of the pitchfork has held since 2016 and has only been pierced briefly during short-term capitulations. The strength of this boundary provides confidence for those watching technical levels. Ethereum’s recent move appears to bounce cleanly off this line, confirming it once again as a reactive zone.

Historically, price action at the base of a pitchfork often signals an entry point for long-term position holders. The potential top of the current pitchfork channel extends near $82,000, though multiple levels lie in between. These include median zones near $9,000, $16,000, and $28,000, each acting as probable targets if momentum builds.

A continuation of this trend would require Ethereum to maintain weekly closes above the $1,700 zone. Any drop below $1,050 would invalidate the long-standing pitchfork structure, marking a significant shift in the multi-year pattern. For now, Ethereum remains within the lower zone, attracting market watchers expecting a bounce.

Chart Setup Draws Attention Ahead of Market Catalysts

Chris’s chart was posted at 6:32 AM on April 23 and has since drawn significant engagement, with over 10,000 views. Comments on the post suggest strong interest in the setup, with some calling it the “craziest” chart for Ethereum’s future path. Others note how price touched the trendline almost exactly before bouncing back upward.

The timing of the rebound may also coincide with broader crypto market catalysts, including anticipation around Ethereum spot ETFs and upcoming protocol updates. The market’s reaction to Ethereum’s exact pitchfork bounce raises curiosity about whether the historical pattern will repeat.