With the Ethereum price struggling around the $2,000 support level, the question of when the digital asset will hit bottom still lingers among investors. Of course, the bottom largely depends on the Bitcoin price, which sets the tone for the entire market. However, the cryptocurrency analyst has also done so Suggested things to look for This may help confirm that the price of Ethereum has indeed bottomed and will start moving upwards again.
Watch out for Ethereum closing above $2,100
Currently, Ethereum price is still heading below $2,100, cryptocurrency analyst Rawle said. called this As the next important level to break. Given the fact that Ethereum price dropped below $2,400 initially, but did not achieve a full weekly close after that, this suggests that this could be an exit.
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With this, Ethereum price now needs to actually close above $2,100 on the weekly chart to confirm whether this is the bottom or not. since Cryptocurrency Complete last week without reaching this close, then move on to this week Another chance to close.
As the cryptocurrency analyst explains, a close above $2,100 will confirm the local bottom, paving the way for the next price increase. The first move is expected to push the altcoin as high as $2,400 in the initial move. However, the move is not expected to end there.
For a secondary move, Rawle suggests a rise to $2,800-$3,000, and hitting the top of this prediction would mean that Ethereum price would rise by 50% from the current level at the time of this report. “So the plan remains the same, and we are likely to remain volatile here than before It broke properly above 2100 “It is heading towards 2,800-3,000,” the analyst said.
The Bears can still take over
Just as with any scenario, there is still a possibility that the Ethereum price will not reach this weekly close He ends up falling under it. In this case, it would put the bears back in control, and would likely trigger a sustained decline that would keep the cryptocurrency price below the $2,000 level.
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Even if Ethereum price closes above $2,100 and completes the expected rally, the cryptocurrency analyst says this is only preceding a larger decline. In a precedent mailthe analyst pointed out this potential large correction, but then assumed that the price of Ethereum could continue to rise and Probably $6,500-$8,000 To a new peak.
Featured image from Dall.E, chart from TradingView.com
