Under these special circumstances, Ethereum price can revisit $2,000

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