As Ethereum price struggles around the $2,000 support, the question of when the digital asset will bottom continues to linger among investors. Naturally, a bottom relies heavily on the price of Bitcoin, setting the tone for the entire market. However, a cryptocurrency analyst also suggested things to watch out for that could help confirm that the Ethereum price has indeed bottomed and will begin to rise again.
Beware of Ethereum Closing Above $2,100
For now, Ethereum price is still below $2,100, and crypto analyst Rawl called it the next important level to break through. Given that Ethereum price initially fell below $2,400 but then failed to close out a full week, this suggests this could be a pullback.
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Building on this, Ethereum price now needs to close above $2,100 on the weekly chart to confirm whether it is the bottom or not. Since the cryptocurrency finished last week without closing this trade, it enters this week for another chance to close.
As the crypto analyst explains, a close above $2,100 would confirm the local bottom, paving the way for the next price increase. The first move is expected to propel the altcoin up to $2,400 in the main move. However, this approach should not stop there.
For a secondary move, Rawl cites a rise between $2,800 and $3,000, and reaching the peak of this prediction would mean the price of Ethereum would increase by 50% from the current level at the time of writing. “So the plan remains the same, we’ll probably stay choppy here before we properly get above 2,100 and head towards 2,800 to 3,000,” the analyst said.
Bears could still gain the upper hand
As in any scenario, it is always possible that the Ethereum price fails to reach this weekly close and ends up falling below it. In this case, it would return control to the bears, likely triggering a sustained decline that would keep the cryptocurrency’s price below the $2,000 level.
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Even in the event that Ethereum price closes above $2,100 and completes the predicted rally, the crypto analyst claims that this only precedes a larger decline. In a previous article, the analyst highlighted this possible significant correction, but then posited that the Ethereum price could continue to rise and likely reach $6,500-$8,000 for a new high.
Featured image of Dall.E, chart by TradingView.com
