Analyst sets key condition for Ethereum to rally above $2,000

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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.

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