- Ethereum price has seen a near-15% ascent in the last since October 22.
- Despite the recent rally, ETH needs to hold above the $1,727 and $1,650 barriers to move higher.
- A daily candlestick close below $1,650 will invalidate the bullish thesis.
Ethereum (ETH) price is in a good position after last week’s rally. But things are not a given, as bulls need to defend a few key levels before they’re in the clear. Investors need to watch the key barriers to know where ETH will head next.
Also read: FTX and Alameda Research prepare to sell $60 million worth of Ethereum, Solana and other assets
Ethereum price at critical point
Ethereum (ETH) price has cleared the $1,650, $1,670 and $1,727 hurdles as it rallied 19% between October 19 and 25. This move created a local top at $1,865 and is contemplating its next move.
Going forward, investors can expect Ethereum price to retrace the aforementioned barriers and finda support. This move will allow the daily Relative Strength Index (RSI) to reset at the 50 mean level, further adding credence to the bullish thesis.
A strong bounce could send Ethereum price to tag the $2,000 psychological level as well as the range high at $2,030. The last time ETH tried to overcome this hurdle in mid-April, it failed. So, a move into this zone will be critical for the long-term outlook of the smart contract token.
Clearing the $2,030 hurdle or flipping it into a support floor will open the path to the next key resistance level at $2,424.
Read more: Ethereum’s Dencun upgrade is a step toward a scalable settlement layer: Goldman Sachs
ETH/USDT 1-day chart
While the bullish outlook makes logical sense, it is dependent on Ethereum price holding above the $1,727 barrier. A daily candlestick close below this level that leads to a breakdown of the $1,650 support level will invalidate the bullish thesis.
In such a case, Ethereum price could revisit $1,551 or slide lower to collect the sell-side liquidity resting below swing lows formed on September 10 and October 10.
Also read: Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets turn bullish on ETF approval hopes
