Despite the price of Ethereum falling back to $4,000, bullish sentiment towards the cryptocurrency has not waned. Rather, many believe that the recent price slump is all part of the process of pushing altcoins back to new all-time highs. One cryptocurrency analyst also highlighted the fact that the price of Ethereum could soon see strength, which could result in the price rising by more than 50%, cementing a new all-time high.
Betting on Ethereum price to surpass $6,000
Cryptocurrency analyst HAMED_AZ emphasized that the price of Ethereum may be ready to bounce back. This comes as the second-largest cryptocurrency by market capitalization has been trading between key support and resistance levels, failing to properly break the $4,500 level, which is currently the key level of interest.
Given this tight price performance, cryptocurrency analysts believe this could lead to a short-term correction. This correction will push the Ethereum price towards an upward trend line, with the next major support coming from the correction just above the $3,600 level.
However, once this correction is over and support is established, the next move will be for the Ethereum price to rebound. Following the uptrend line will put you on a bullish path, and the resulting breakout will trigger the next bullish wave.
According to targets given by cryptocurrency analysts, the price of Ethereum is expected to rise by more than 50% from here. This could push it up to $6,400 and follow the rising trend line, with the first major resistance lying around $5,000.
The bears are still watching
While the bullish signals are rising, there is still a chance for the bears to take control of the Ethereum price, which lies at the support level targeting the trendline correction. $3,500 acts as relief support that could confirm a 50% rally above $6,000. However, the downward trend is also at a level where one can regain leadership.
Crypto analysts emphasize that Ethereum price should not close daily candles below $3,500. Because this would invalidate the entire bullish scenario and lead to a much deeper correction where we could see the wick fill up due to a flash crash.
Featured image created with Dall.E, chart from Tradingview.com
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