Ethereum price presents traders opportunity to long ETH to $2,000

Ethereum price shows a bullish sign which coincides with a similar buy signal seen on Bitcoin price on the four-hour chart. This development could prove to be extremely profitable for investors if they act on ETH.

Also read: Ethereum price pauses its plummet, here’s what ETH holders can expect next

Ethereum price ready to move higher

Ethereum price has been consolidating tightly around the $1,843 support level after a recent 14% crash. This range-bound movement has produced lower lows, while the Relative Strength Index has produced higher lows, signaling a non-conformity termed as ‘bullish divergence.’

The resolution of the aforementioned technical formation forecasts an upswing in Ethereum price. The levels that ETH bulls are likely to target include $1,974, which is the midpoint of the recent nosedive. 

Clearing this hurdle will allow Ethereum price to tag the $2,050 hurdle. In total, this move would constitute a 12% gain for traders.

ETH/USDT 4-hour chart

If buyers fail to prop up Ethereum price and sellers takeover instead, it could spell disaster for traders. In such a case, ETH could slide into the bullish breaker, extending from $1,649 to $1,744. 

A four-hour candlestick close below $1,744 that flips it into a resistance level will invalidate the bullish thesis for Ethereum price and potentially trigger a correction to $1,589 and $1,470 levels.