As prices continue to trade sideways, Ethereum (ETH) has regained a significant level, which could trigger a breakout towards the resistance threshold of $2,100. However, some analysts believe that buyers need to act or a 15% decline could be imminent.

Ethereum is targeting a breakout to $2,100

After successfully holding the $1,750 support level, Ethereum reclaimed the important resistance level of $1,800. This cryptocurrency has recovered nearly 20% in the past two weeks, reaching a one-month high of $1,873 at the beginning of May.

ETH is currently recording an increase of 1.92% compared to the monthly opening after a negative 1.95% in April. Notably, the King of Altcoins could end a five-month downtrend if it continues trading above $1,807 in the coming weeks.

In the adjustment on Tuesday, Ethereum tested the $1,750 level before bouncing back above $1,800. Analyst Michaël van de Poppe noted that ETH is holding the newly reclaimed resistance and starting to bounce to confirm the support level, indicating buying pressure.

Therefore, the analyst believes that investors "are about to witness a major breakout" to the $2,100 threshold in the next 1-2 weeks. Reclaiming this level is key for Ethereum, as it is the main resistance level before breaking out in Q4 2023 and serves as a key support area in the bull run of 2024 and early 2025.

Analyst World of Charts emphasized that ETH has been moving sideways between the $1,750-$1,870 price range after exiting a downtrend at the end of April. And it "seems to be accumulating for a strong breakout" from its consolidation area.

According to the post, breaking out of this range and confirming the support level could propel this cryptocurrency towards $2,500, a level lost in February.

ETH price is at risk of another correction

Market follower Daan Crypto Trades pointed out that "bullish speculators will want to make a move soon," although the ETH price remains above the $1,750 support.

The trader believes that this altcoin cannot withstand another test of this range and if it cannot hold this level, a 15% drop could occur.

Daan explains in detail that "if that level drops, we could easily see how the price 'Bart moves' back to the $1,500 level," while warning that ETH could risk dropping to new lows if it falls below this level.

However, he concluded that "the price remains stable as long as it trades at the current price, but be careful if we see the price fluctuate and close below $1,750."

Crypto Amsterdam also stated that ETH could drop to $1,500. According to the chart, if Ethereum is rejected again from the current level, it could return to the mid-April range, around $1,550-$1,650, before bouncing back to a high above $1,900.

At the time of writing, Ethereum is trading at $1,811, down 1% in the daily timeframe.