- Ethereum price is looking to break through the $1,284 hurdle after three successful rejections.
- If ETH flips this level into a support floor, investors can expect a move to $1,425 and $1,543.
- A four-hour candlestick close below $938 will invalidate the bullish thesis.
Ethereum price has retested a stiff resistance level thrice and failed to move past it every single time. The pullback from this rejection is likely to trigger another run-up that could break through the hurdle and push it higher.
Ethereum price to attempt again
Ethereum price created a range, extending from $878 to $1,284 as it rallied 46% between June 18 and June 26. ETH got rejected at the $1,284 level long before the range was formed and the said level still stands.
The most recent retest was on July 8, which has resulted in a pullback. As soon as Bitcoin price takes the lead, investors can expect Ethereum price to follow suit. In such a case, ETH is likely to trigger another attempt that will push it past the $1,284 hurdle and retest the price in efficiency aka fair value gap at $1,425.
In some cases, Ethereum price might extend this leg to $1,543, bringing the total run-up to 27% from the current position at $1,212.
ETH/USDT 4-hour chart
While things are looking up for Ethereum price due to potential reversals, investors need to pay close attention to the four-hour demand zone, extending from $938 to $1,008. This area has provided stable support for ETH, which resulted in an uptrend to $1,284.
Therefore, a four-hour candlestick close below $938 will invalidate the bullish thesis for Ethereum price.
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