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As price continues to trade sideways, Ethereum (ETH) has reclaimed a crucial level, which could kickstart a breakout toward the $2,100 resistance. However, some analysts suggest that bulls need to take action or a 15% drop could be in the horizon.
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Ethereum Eyes Breakout To $2,100
After successfully holding the $1,750 level as support, Ethereum has reclaimed the key $1,800 resistance. The cryptocurrency has recovered nearly 20% over the past two weeks, hitting a one-month high of $1,873 at the start of May.
ETH currently registers a 1.92% increase from its monthly opening following its negative 1.95% April. Notably, the King of Altcoins could end a five-month red streak if it continues trading above the $1,807 mark in the coming weeks.
Amid the Tuesday correction, Ethereum retested the $1,750 level before jumping back above the $1,800 mark. Analyst Michaël van de Poppe noted that ETH is holding the recently reclaimed resistance and starting to bounce to confirm as support again, indicating buying pressure.
As a result, the analyst considers that investors are “about to witness a big breakout” to the $2,100 barrier in the coming 1-2 weeks. Reclaiming this level is key for Ethereum, as it was a key resistance ahead of its Q4 2023 breakout and served as a key support zone during the 2024 and early 2025 rally.
Analyst World of Charts highlighted that ETH has been moving sideways between the $1,750-$1,870 price range after breaking out from its downtrend in late-April. And it “seems like building up for solid breakout” from its consolidation zone.
Per the post, a breakout from this range and confirmation of the level as support could send the cryptocurrency toward the $2,500 level, lost in February.
ETH’s Price Risks Another Correction
Market watcher Daan Crypto Trades pointed out that “bulls would want to get a move going soon,” despite ETH’s price holding above the $1,750 support.
The trader suggested that the altcoin could not stand another retest of this range, and if the level doesn’t hold, a 15% drop could be likely.
“if that level gives in, it can be pretty easy to see how it just “Bart moves” back down to the $1500s,” Daan detailed, warning that ETH could risk a new low if it falls below this level.
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Nonetheless, he concluded that it is “still fine as long as it trades where it does but be careful if we’d see a move & close below $1750.”
Crypto Amsterdam also suggested that ETH could dive toward the $1,500 mark. According to the chart, if Ethereum is rejected again from the current levels, it could retrace toward the mid-April levels, between $1,550-$1,650, before bouncing toward its range high above the $1,900 mark.
As of this writing, Ethereum trades at $1,811, a 1% decline in the daily timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
