Price Analysis

Ethereum(ETH) Price Consolidation To Continue, Yet $4000 Target Remains Unchanged!

Written by: Sahana Vibhute

October 14, 2021

The crypto space is pretty bullish today as major coins are showcasing a substantial uptrend. The bears had capitulated the market for a couple of days but the bulls flipped them quickly. And since then the ETH price appears poised to breach the important resistance levels at $3660.

The past week correction and consolidation was pretty healthy for the asset as the ongoing recovery is a result of the same. The price patiently traded below $3600 but above $3300 for more than a week before the massive leg up. Therefore, the next spike after a notable consolidation could lead the price to close to $4000.

Also Read: Vechain Is on the Brink of a Breakout! VET Price to 20x Soon?

 

Source: Tradingview

The ETH price is currently rejected from the crucial levels, yet failed to drop more and is consolidating above $3630. However, the price could continue to trend within a very narrow region for some more time. And further could breach the important resistance levels in order to smash the resistance levels at $3863. 

The technicals like RSI and MACD also appear in favour of the asset as they showcase a bullish divergence. And, the volume also appears to be notable high and moreover, the buyers appear to have dominated the trade. Therefore, a notable uptrend could be fast approaching the crypto that could give a boost to head close to its ATH. 

On the other hand, the PoW merger with PoW can still be a catalyst for the price explosion in near future. Many predict the target for Ethereum price to be $10,000 by the end of 2021. However, these catalysts and the bullish market sentiments can ultimately push the ETH price not only to its target but much above them. 

Also Read: Will Polkadot (DOT) Price Fall For “Buy the Rumour, Sell the News” Ahead of Parachain Auction?

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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