Ethereum's price is in a precarious position as it hovers around the $2,000 mark. With two contrasting technical setups emerging, analysts are cautioning that the weekly close will be crucial in determining the next major price direction for the cryptocurrency.
According to some analysis, Ethereum has been forming a five-year compression pattern, suggesting a strong breakout could push ETH towards $10,000 if it breaks above the upper range near $6,000. However, another warning is that a weekly close below $1,850 could trigger a sharp decline towards support levels at $1,562 and possibly $1,069.
The key levels to watch are $2,282 resistance and $1,850 support. If Ethereum's price closes above the latter, it may indicate a strong bullish trend, while a close below it could lead to a bearish scenario.