EthereumPrice Analysis

Ethereum Price Poised To Hit $6000, Will Bitcoin Follow The Trend?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Aug 21, 2021

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Highlights

    Ethereum price regained the positions above $3200 by piercing the last possible barrier to head towards the ATH

    The bulls may gain huge momentum as the technicals appear to be in favour of the massive uptrend.

The crypto space gained immense momentum as most of the coins manifested an immense bullish tendency. Ethereum price however had revisited the levels below $3000, but quickly surged above the levels to maintain with the uptrend. With the strong technicals, bulls are expected to get aggravated soon in order to clinch more highs for the ETH price very soon. 

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On the other hand, Bitcoin price rallied close to $50,000 in the early hours of trade. Despite a slight pullback, yet the BTC price appears to be poised to march above $50K very soon. Once done, a bullish sentiment would prevail within the market that could fuel a notable uptrend. 

A popular analyst, AlanSantana is still stuck with the target at $6000 despite the asset is swinging within the important barrier levels. 

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As per the chart posted by the analyst, the ETH price is currently trading above the important barrier between $2731 and $3036. Despite the price is consolidating, yet sustains above these levels. And hence the longer the price trends sideways above the levels, the better the outlook becomes for the bulls. 

The analyst further says that breaking below the 21-day EMA at $3165 would trigger a bearish trend. And hence, a notable boost could assist the price to rally close to $4000 initially. And further, with a substantial push, the price can even hit levels above $5500 or close to even $6000. 

Collectively, the market currently appears to be bullish as most of the altcoins have bounced comfortably from their support levels. Also, the Bitcoin price prevents an extended dip below the $45000 range to accumulate strength to hit $50,000. And hence, Ethereum price could also gear up to hit the target above $5500, piercing the ATH. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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