Ethereum Price Prediction: ETH to provide accumulation opportunity before revisiting $2,000

Ethereum price action depicts exhausted bulls after an explosive move over the last five days. This upswing is currently facing a significant hurdle and is likely to retrace to stable support levels to refuel. The resulting rally could propel ETH to critical psychological levels.

Ethereum price ready for a new challenge

Ethereum price showed incredible resilience around the $1,280 support level, which led to tight consolidation and sideways movement. The breakout, however, was equally impressive as ETH surged by 25% in under five days and set up a local top at $1,594. 

While many investors were blindsided by this sudden explosion, it was an obvious move, as noted in our previous article. As we advance, ETH could pull back to the 100-day Exponential Moving Average (EMA) at $1,494 as investors book profits. 

A breakdown of this level will open the path to retesting the $1,400 support level that coincides with the 50-day EMA. Accumulating around this level would be an ideal scenario for the next leg that could propel Ethereum price to $1,784. 

Depending on the market conditions and the bullish momentum, Ethereum price could flip this hurdle and aim for the $2,000 psychological level. In total, this move would constitute a 44% gain for investors and is likely where the upside is capped for ETH.

ETHUSDT 1-day chart

While things are looking up for Ethereum price, the $1,400 support level is crucial and has to be defended at all costs. A breakdown of the said barrier could indicate two things - investors are unsure and are booking profits, and/or the sellers are overwhelming the buying pressure.

Either way, a daily candlestick close below the $1,343 support level will invalidate the bullish thesis for ETH. Such a development will likely trigger a further spike in selling pressure and knock Ethereum price to revisit the $1,280 foothold.