As Ethereum ($ETH) price gained more than 13% over the past 30 days, cryptocurrency analyst Ali Martinez has set a key condition for the altcoin to rally above $2,000.
Martinez noted that Ethereum’s price must hold above its recent support level at $1,850 to rally beyond $2,000, according to his latest X post on July 24. The crypto analyst argued that $ETH’s price has been forming a rising channel in its 1-hour timeframe; thus, he set a price target of $2,060 if the lower boundary support level holds.
$ETH 1-hour chart. Source: TradingView
“As long as this support at $1,850 continues to hold, I’m watching for a move back toward the upper boundary near $2,060,” the cryptocurrency trading expert stated.
As such, the on-chain analyst expects $ETH price to rally 10% as the token traded at $1,882 on Friday, down 2.3% on the day with $10.19 billion trading volume in the last 24 hours. Additionally, he expects $ETH’s next resistance level at $1,900.
So far in July, Ethereum’s price has been forming higher highs and higher lows, thus supporting his outlook. However, if $ETH price falls below its established rising channel, the analyst’s target would be invalidated.