Despite the Ethereum price crashing back down toward $4,000, bullish sentiments around the cryptocurrency have not waned. If anything, many believe that the recent price crash is all part of the process that will lead the altcoin back to new all-time highs. One crypto analyst has also highlighted the fact that the Ethereum price could embark on a bullish wave soon, and the result could be an over 50% increase in price that could cement new all-time highs.
Betting On Ethereum Price To Cross $6,000
Crypto analyst HAMED_AZ has highlighted that the Ethereum price could be getting ready to rally again. This comes as the second-largest cryptocurrency by market cap has been trading between levels that have served as major support and resistance, failing to properly break above $4,500, which is the major level of interest at this point.
Given this tight price performance, the crypto analyst believes that this could lead to a short-term correction. This correction would take the Ethereum price toward the ascending trendline, putting the next major support from such a correction just above the $3,600 level.
However, once this correction is over and support is established, then the next course of action is for the Ethereum price to rebound. Following the ascending trendline would put it on a bullish path, and the resulting breakout will be what triggers the next bullish wave.
Going by the target laid out by the crypto analyst, the Ethereum price would be looking at an over 50% increase from here. This would put it as high as $6,400, which would follow the ascending trendline, with the first major resistance lying at around $5,000.
Bears Are Still Watching
Amid the rising bullish signals lie a chance that the bears could still grab hold of the Ethereum price, and that lies just at the support targeted with the trendline correction. The $3,500 serves as the salvation support that could confirm the 50% rally above $6,000. However, it is also the level where the bears could reclaim control.
The crypto analyst highlights that the Ethereum price must not close a daily candle below $3,500. This is because if it does this, then it would invalidate the entire bullish scenario, leading to a much deeper correction that could see it fill the wick from the flash crash.
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
