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

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.

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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. 

Read more: Ethereum’s Dencun upgrade is a step toward a scalable settlement layer: Goldman Sachs

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. 

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