- Ethereum price is close to retesting the $1,700 hurdle, which could potentially exhaust buyers briefly.
- However, if bulls take control and flip $1,700 into a support floor, this run-up could extend to $2,000.
- A daily candlestick close below $1,282 will invalidate the bullish thesis for ETH.
Ethereum price and its gains since July 13 are currently being questioned as bulls hint at weakness. If certain requirements are met, however, things could develop in a way that favors buyers.
Ethereum price has more work to do
Ethereum price has rallied a whopping 65% since July 13 and has sliced through the $1,543 hurdle – it is currently grappling with the $1,700 hurdle. There is a high chance that ETH forms a local top here.
However, if two conditions are met, this run-up could go much higher.
- The sentiment around Bitcoin remains bullish, with price going up or sideways.
- Ethereum price manages to flip the $1,700 hurdle into a support level.
If these objectives are achieved, investors will turn euphoric and the resulting buying frenzy could send ETH to the next significant level - $2,000.
This psychological level will play a pivotal role in trapping late buyers by potentially retesting the $2,158 hurdle. Therefore, investors should be cautious around the $2,000 barrier as ETH could form a local top and retrace before exploring other bullish avenues.
ETH/USDT 1-day chart
On the other hand, if Ethereum price gets rejected at the $1,700 resistance barrier, leading to a breakdown of the $1,543 support level, it will indicate that the time for correction has come. In such a case, ETH could revisit the $1,282 support level.
Here, buyers have another chance at reviving the rally. However, a daily candlestick close below $1,282 will invalidate the bullish thesis for ETH. This development could further push ETH down to $1,080 or the midpoint of the $878 to $1,282 range
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