Ethereum has staged a sharp technical breakout, with ETH climbing from a prolonged consolidation toward the $2,400 supply zone, while Google Gemini AI’s end-of-2026 outlook targets a range of $3,200 to $4,200 and a base case near $3,500.
According to the Gemini AI analysis, the bullish case is anchored by two testnet developments for the Glamsterdam upgrade. The Platåberget testnet introduces block-level access lists through EIP-7928 and enshrined proposer-builder separation through EIP-7732, which together support a dramatic expansion of Layer-1 gas throughput toward the repeated target of 200 million gas. The subsequent Hegota upgrade has confirmed FOCIL via EIP-7805, while native account abstraction is being evaluated as EIP-8141. Both feed stateless validation via Verkle trees, reducing node hardware costs and framing Ethereum for institutional-grade network efficiency.
On the price chart, ETH’s latest daily move was unusually strong: the close at $2,124.2 represented a 10.83% daily gain, with the session range spanning roughly $1,904.9 to $2,132.2. The daily RSI reached 77.11, far above its signal line at 54.97, confirming an overbought momentum shift. Gemini identified the 200-day EMA near $2,140 as the immediate hurdle, with support at $2,000, $1,800, and $1,480. A loss of the $1,800 zone would expose a deeper risk toward $1,200.
A separate technical update on the following day showed ETH extending toward $2.4K after reclaiming a descending trendline that had capped the broader recovery for months. The daily chart’s higher lows from the June bottom near $1.5K strengthened the structure, and the move above $2.1K triggered a wave of short liquidations, with liquidations rising toward approximately 28,000 on the latest spike. That added a short-squeeze component to the rally, although the reading remained below earlier liquidation events above 40,000 and 50,000. The $2.1K zone is now viewed as the first key support, followed by $1.8K and $1.5K. A decisive close above the $2.4K supply area would open a path toward $3,000 and potentially higher.
Overall, the breakout structure remains constructive as long as ETH holds the reclaimed $2,000–$2,100 area. However, with daily and 4-hour RSI readings in deeply overbought territory, analysts expect a pullback or consolidation to be possible before another sustained leg higher.
