If this level is true, Ethereum will “witness the big breakthrough” within 2 weeks
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As prices continue to trade sideways, Ethereum (ETH) has retracted critical levels, which could make a breakthrough to the $2,100 resistance. However, some analysts believe that the Bulls need to take action, or may drop by 15%.
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Ethereum’s eyes break through to $2,100
Ethereum retracted its key $1,800 resistance after successfully holding $1,750 in support. Cryptocurrencies have recovered nearly 20% over the past two weeks, reaching a high of $1,873 in early May.
ETH is currently up 1.92% in April with a monthly opening rate of 1.95%. It is worth noting that if the altcoin king continues to trade for $1,807 in the coming weeks, it could end a five-month red winning streak.
In Tuesday’s correction, Ethereum regained its $1,750 level and then jumped back to $1,800. Analyst Michaël Vande Poppe noted that ETH held the resistance of its recent regeneration and began to rebound to reconfirm as support, indicating buying pressure.
As a result, analysts believe investors will “witness a major breakthrough” in the next 1-2 weeks. Recycling this level is key to Ethereum as it is a key resistance ahead of the fourth quarter of 2023 and acts as a key support zone during the rallies in 2024 and early 2025.
The chart’s analyst community emphasized that ETH has been moving sideways between $1,750-1,870 after it erupted from a downtrend in late April. And, it “seems to be a merged area built to achieve a solid breakthrough”.
According to the position, a breakthrough in that range and confirmation of support could turn the cryptocurrency toward the $2,500 level lost in February.
There is another correction for the price of ETH
Market observer Daan Crypto deal noted that despite the price of ETH exceeding $1,750 in support, “the Bulls want to take action as soon as possible.”
Traders suggest that altcoins can’t perform another retest on the range, and if the level is not satisfied, there may be a 15% drop.
Daan details: “If that level yields, it’s easy to see how it “BART moves” back to $1,500.
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Still, he concluded, “as long as it can trade, but be careful if we see a step and close the moves under $1,750.”
Crypto Amsterdam also suggests ETH can sneak into a $1,500 mark. According to the chart, if Ethereum is rejected again from its current level, it could fall back to its mid-April level, between $1,550-$1,650, and then bounce to a range above $1,900 height above $1,900.
As of this writing, Ethereum is trading at $1,811, down 1% on the daily timeframe.
Featured images from Unsplash.com, charts from TradingView.com
