Ethereum Needs To Hold This Price Level To Reach $2,000

Ethereum has shown steady momentum lately with a 13 percent gain over the last month. Analyst Ali Martinez points out that the coin is currently trading within a rising channel on the one hour chart. For the price to maintain this upward trend, it must stay above the crucial support level of $1,850.

If the asset keeps this support, Martinez anticipates a climb toward a target of $2,060. The immediate hurdle for Ethereum remains the $1,900 resistance level. Recent trading activity has been encouraging, as the coin continues to print higher highs and higher lows throughout July.

Traders are keeping a close eye on these charts as the token recently traded near $1,882. While the outlook remains positive, it is important to note that a drop below the rising channel would invalidate this specific bullish setup. Investors are waiting to see if buyers can defend the $1,850 floor in the coming days.