Ethereum is retesting the lower support line of a long-term rising channel in place since 2017, reviving forecasts that it could reach $60,000 by 2030.

Cointelegraph reported on April 30 that Fundstrat co-founder Tom Lee (톰 리) reposted analyst Crypto Patel's bullish outlook on ethereum on his account.

Patel said ethereum is stabilising again at the lower end of its long-term rising channel. He pointed to the $1,300 to $2,000 range as an accumulation zone and projected $15,800 in 2028 and $60,000 in 2030. Those targets assume gains of about 1,000 percent and 3,150 percent, respectively.

The channel is a structure that has described ethereum's price movement since 2017. The upper boundary repeatedly acted as resistance and the lower boundary as support. In 2020, ethereum rebounded from the lower trend line and then rose about 5,200 percent to the upper boundary before forming a cycle peak.

Lee reposted the outlook shortly after BitMine bought $235 million worth of ethereum. BitMine is an ethereum treasury company chaired by Lee. The purchase lifted its net ether holdings above 5 million ETH, about 4 percent of current ethereum supply.

The risk of further declines remains. Ethereum has moved inside a large symmetrical triangle since 2021 and briefly broke above the upper boundary in July 2025, but was pushed back into the range. The key support level is around $1,834, where the lower trend line overlaps with the 0.786 Fibonacci retracement.

If that support breaks, the bullish scenario could weaken. In that case, the price could fall to around $1,000, the 1.0 Fibonacci level, and BitMine's unrealised loss could swell to about $13.2 billion based on its average purchase price of about $3,600 through April. BitMine's unrealised loss as of the end of April was about $6.5 billion.

Long-term projections still leave room for optimism. VanEck put a bullish-case target of up to $22,000, and Standard Chartered put a target of up to $40,000.