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 StructureThe 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 SignalEthereum’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 cycleThe 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.