- Ethereum price shows a clean bounce above the $1,559 support level, indicating a potential upswing.
- Investors can expect ETH to surge between 5% to 7% and tag the 12-hour supply zone, extending from $1,675 to $1,760.
- A daily candlestick close below the $1,559 barrier will invalidate the bullish outlook.
Ethereum price has been an amazing altcoin to trade as it has seen explosive growth in the last week. Over the last 24 hours, ETH has managed to retrace and stay above a crucial support level, making way for another run-up.
Ethereum price ready to move again
Ethereum price grew from $1,324 to $1,663 in under a week, displaying its massive bullishness. This move triggered a pullback and retested the $1,559 support level, but sidelined buyers stepped in and scooped up ETH at a discount.
As a result, Ethereum price has rallied 3% and is currently hovering below an intermediate hurdle at $1,595. A flip of this blockade is key for the smart contract token to move higher. The next target for bulls is the 12-hour supply zone, ranging from $1,675 to $1,760.
While a 5% upswing to $1,675 is a given, investors can expect Ethereum price to pierce through this blockade and retest $1,746. This move would bring the total gain to 7.7% from the current position.
Although unlikely, if the buying pressure is enough, ETH could slice through the supply zone and retest the next hurdle at $1,784.
ETH/USDT 12-hour chart
On the other hand, if Ethereum price fails to push through $1,595 hurdle, it will indicate a weakened buying pressure. If this development knocks ETH lower to flip to produce a 12-hour candlestick close below the $1,559 support level, it will invalidate the bullish thesis.
Such a move could further trigger a 5% crash in Ethereum price to retest the October 29 swing low at $1,479.