With Ethereum price hovering around the $2,000 support, the question still looms among investors as to when the digital asset will hit bottom. Naturally, the bottom relies heavily on Bitcoin’s price, setting the tone for the entire market. However, the cryptocurrency analyst also suggested what to look out for that could lend a hand confirm that Ethereum’s price has indeed bottomed and will start to rise again.

Watch for Ethereum to close above $2,100

For now, Ethereum’s price continues to stay below $2,100, cryptocurrency analyst Rawl he caused it as the next vital level to break. Given the fact that Ethereum’s price initially dropped below $2,400 but then failed to make a full weekly close, this suggests that it may be a sell-off.

That being said, Ethereum price now needs to actually close above $2,100 on the weekly chart to confirm whether it is a low or not. From cryptocurrency finished the last week without closing that period, then moves to this week another chance for closure.

As a cryptocurrency analyst explains, a close above $2,100 would confirm a local bottom, setting the stage for another price boost. The first move is expected to take the altcoin to $2,400 in its first move. However, we should not expect these activities to end there.

As a second move, Rawl points to an boost to $2,800-$3,000, and reaching the top of this prediction would mean that Ethereum’s price would boost by 50% from its current level at the time of this report. “So the plan remains the same, we will likely remain volatile here before we actually break above 2100 and head towards 2800-3000,” the analyst said.

The bears can still take over

As with any scenario, there is still a possibility that Ethereum price will not close this week ends up falling below. In this case, it would put the bears back in control, possibly causing a sustained decline that would keep the cryptocurrency’s price below the $2,000 level.

Even if Ethereum’s price closes above $2,100 and ends the projected rally, the cryptocurrency analyst says it will only precede a bigger decline. In the previous one postthe analyst pointed to this possible vast correction, but then assumed that Ethereum’s price could continue to rise and would likely reach a recent high of $6,500-$8,000.

Featured image from Dall.E, chart from TradingView.com