Ethereum Price Prediction: ETH needs to hold these key levels to revisit $2,000

Ethereum price has seen a near-15% ascent in the last since October 22.
Despite the recent rally, ETH needs to hold above the $1,727 and $1,650 barriers to move higher.
A daily candlestick close below $1,650 will invalidate the bullish thesis.

Ethereum (ETH) price is in a good position after last week’s rally. But things are not a given, as bulls need to defend a few key levels before they’re in the clear. Investors need to watch the key barriers to know where ETH will head next.

Also read: FTX and Alameda Research prepare to sell $60 million worth of Ethereum, Solana and other assets

Ethereum price at critical point

Ethereum (ETH) price has cleared the $1,650, $1,670 and $1,727 hurdles as it rallied 19% between October 19 and 25. This move created a local top at $1,865 and is contemplating its next move.

Going forward, investors can expect Ethereum price to retrace the aforementioned barriers and finda support. This move will allow the daily Relative Strength Index (RSI) to reset at the 50 mean level, further adding credence to the bullish thesis.

A strong bounce could send Ethereum price to tag the $2,000 psychological level as well as the range high at $2,030. The last time ETH tried to overcome this hurdle in mid-April, it failed. So, a move into this zone will be critical for the long-term outlook of the smart contract token.

Clearing the $2,030 hurdle or flipping it into a support floor will open the path to the next key resistance level at $2,424.

ETH/USDT 1-day chart

While the bullish outlook makes logical sense, it is dependent on Ethereum price holding above the $1,727 barrier. A daily candlestick close below this level that leads to a breakdown of the $1,650 support level will invalidate the bullish thesis.

In such a case, Ethereum price could revisit $1,551 or slide lower to collect the sell-side liquidity resting below swing lows formed on September 10 and October 10.

Also read: Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets turn bullish on ETF approval hopes

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.