“ETH’s success hinges on maintaining these crucial support levels in order to rekindle the excitement and potential for a return to the $2,000 mark.”
Ethereum (ETH) price has experienced a significant increase of nearly 15% since October 22. However, in order for this upward trend to continue, ETH must maintain its position above key resistance levels.
Last week’s rally allowed ETH to surpass barriers at $1,650, $1,670, and $1,727. The next step for Ethereum price is to retrace and find support at these levels. This retracement will also give the daily Relative Strength Index (RSI) an opportunity to reset at the 50 mean level, further supporting the bullish outlook.
If ETH can successfully bounce back from this retracement, it has the potential to reach the psychological level of $2,000 and the range high at $2,030. Overcoming this hurdle will be crucial for the long-term outlook of Ethereum as a smart contract token.
If the $2,030 level is cleared or flipped into a support floor, the next key resistance level to watch for is $2,424.
However, it is important to note that for the bullish thesis to remain valid, Ethereum price must stay above the $1,727 barrier. A daily candlestick close below this level, leading to a breakdown of the $1,650 support level, would invalidate the bullish outlook. In such a scenario, ETH could revisit $1,551 or even slide lower to collect sell-side liquidity.
While the outlook for Ethereum price looks promising, it is crucial to monitor these key levels to determine its future direction.
[Image: ETH/USDT 1-day chart]
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