Ethereum will 'witness a major breakthrough' in the next two weeks if this level is held.

As the price continues to trade sideways, Ethereum (ETH) has regained an important level, which could trigger a breakout towards the resistance level of $2,100. However, some analysts believe that buyers need to take action or a 15% fall could be imminent. Ethereum aims to break through to 2,100 dollars After successfully maintaining the support level of $1,750, Ethereum has regained the important resistance level of $1,800. This cryptocurrency has recovered nearly 20% in the past two weeks, reaching a one-month high of $1,873 at the beginning of May. ETH is currently recording an increase of 1.92% compared to the monthly opening after a negative 1.95% in April. Notably, the King of Altcoins could end a five-month downtrend if it continues to trade above the level of 1,807 dollars in the coming weeks. In the correction on Tuesday, Ethereum tested the level of 1,750 dollars before rising back above 1,800 dollars. Analyst Michaël van de Poppe noted that ETH is holding the newly reclaimed resistance level and is starting to bounce back to re-confirm the support level, indicating buying pressure.

Therefore, analysts believe that investors "are about to witness a major breakthrough" to the level of $2,100 in the next 1-2 weeks. Reclaiming this level is key for Ethereum, as it is the main resistance level before breaking through in Q4 2023 and serves as a major support zone in the bull run of 2024 and early 2025. World of Charts analysts emphasize that ETH has been moving sideways between the price range of $1,750-$1,870 after breaking out of the downtrend at the end of April. And it "seems to be accumulating for a strong breakout" from its consolidation area. According to the post, breaking out of this range and confirming the support level could push this cryptocurrency towards the $2,500 level, which was lost in February. The price of ETH is at risk of falling again. Market follower Daan Crypto Trades points out that "bullish speculators will want to make a move soon," although the price of ETH remains above the support level of $1,750. Traders believe that this altcoin can no longer withstand a retest of this range, and if it fails to hold this level, a 15% fall may occur.

Daan explained in detail that "if that level falls, we can easily see how the price of 'Bart moves' returns to the $1500 level," while warning that ETH could be at risk of dropping to a new low if it falls below this level. However, he concluded that "the price remains stable as long as it is traded at the current price level but be careful if we see the price fluctuate and close below 1750 dollars." Crypto Amsterdam also believes that ETH may fall to the level of $1,500. According to the chart, if Ethereum is rejected again from the current level, it could return to the mid-April range, around $1,550-$1,650, before bouncing back to levels above $1,900.

At the time of writing this article, Ethereum is trading at $1,811, falling 1% in the daily timeframe.