Ethereum Price Prediction: ETH needs to hold these key levels to revisit $2,000
Since October 19th, the price of Ethereum (ETH) has been steadily rising, breaking through the levels of $1,650, $1,670, and $1,727. On October 27th, ETH reached a local peak of $1,865, displaying a 20% increase. What changes can we expect in the Ethereum price next?
ETH/USDT 1-day chart, Source: TradingView.
Looking at the positive side, investors can anticipate Ethereum's price to retest the previously mentioned levels and find support, which would reset the daily Relative Strength Index (RSI) around the 50 average level, further strengthening the bullish argument.
In the case of a strong rebound, it could push the Ethereum price towards the psychological level of $2,000 and the range high of $2,030. In fact, ETH attempted to overcome this resistance in mid-April but ultimately failed. Therefore, entering this zone is crucial for ETH's long-term outlook.
Taking a longer-term perspective, clearing the $2,030 hurdle or flipping it into support would pave the way for the next key resistance at $2,424.
While the bullish outlook makes logical sense, it depends on whether Ethereum's price can maintain above the $1,727 level. If the daily candlestick closes below that level, resulting in a break below the support at $1,650, the bullish argument would become invalidated.
Daily price chart of Ethereum (2023.1-2023.10), Source: TradingView.
In such a scenario, the price of Ethereum may retrace back to $1,551 or lower to gather selling liquidity below the swing lows formed on September 10th and October 10th.
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
