Ethereum ETH price experienced a minor pullback after a massive rally from the range low. The correction ended as Ethereum ETH bounces off a critical support level.
Investors can expect ETH price to slice through the mid-point of the range and tag the immediate resistance levels.
Ethereum ETH price set up a swing high on June 30 and $2,287 and began retracing. The support level at the price of $2,045 ended the pullback and reversed the trend to bullish.
So far, Ethereum ETH has climbed only 7% but more seems to be on its way. A potential spike in buying pressure that pushes ETH price to slice through the 50% Fibonacci retracement level at $2,320 will confirm the presence of buyers.
In such a case, investors can expect the smart contract token to rally another 6% to tag the resistance level at a price of $2,460. However, if the buying pressure continues to pour in, the subsequent supply barriers at price of $2,552 and $2,640 might be the next target for bulls.
In a highly bullish case, Ethereum ETH price might also propel to tag the range high at $2,912.
Regardless of the bullishness at the current levels, if the Ethereum ETH price slices through $2,045, it will indicate the lack of buying pressure. In this case, the ETH price might retest the next demand barrier at $1,965.
However, a breakdown of $1,804 followed by an inability to flip it will invalidate the Ethereum bullish outlook. In such a case, ETH might slide to the range low of $1,728.
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