Despite Ethereum’s price plummeting towards $4,000, the bullish sentiment surrounding the cryptocurrency remains undiminished. In fact, many believe that the recent price crash is all part of the process of bringing altcoins back to all-time highs. A cryptocurrency analyst also highlighted the fact that the Ethereum price could soon embark on a bullish wave, which could result in the price rising more than 50% and hitting new all-time highs.
Bet that Ethereum price will exceed $6,000
Cryptocurrency analyst HAMED_AZ emphasized that the Ethereum price may be ready to rise again. This is because the second-largest cryptocurrency by market capitalization is trading between levels that have served as major support and resistance and has not been able to properly break out of $4,500, which is the primary interest level at the moment.
Given this tough price performance, crypto analysts believe this could lead to a short-term correction. This correction will send Ethereum price toward the uptrend line, with the next major support from such a correction coming just above the $3,600 level.
However, once this correction ends and support is established, the next action is a rebound in Ethereum price. Following the uptrend line will put it on a bullish trajectory, and the resulting breakout will trigger the next bullish wave.
If the targets set by crypto analysts are followed, Ethereum price could rise by more than 50% from here. This causes the price to rise to $6,400 and follow the uptrend line, with the first major resistance level near $5,000.
the bears are still watching
With the bullish signals increasing, the bears could still grab Ethereum price, right at the support targeted by the trendline correction. $3,500 acts as a relief support that could support a 50% rise above $6,000. However, this is also the level at which the bears could regain control.
Cryptocurrency analysts emphasize that Ethereum price should not close the daily candlestick below $3,500. This is because doing this would invalidate the entire bullish scenario and lead to a deeper correction that could fill the wick of a flash crash.
Featured image created by Dall.E, chart on Tradingview.com
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