Price Analysis

An Extreme Bullish Case Emerges For Ethereum Price, Is $6000 Nearby?


    Ethereum price maintains a stable price movement and went parabolic to recover the loss incurred after hitting the ATH

    The price is attempting yet again to follow a similar path and if it successfully mirrors the previous rally, a huge target will be achieved

In the times when the Bitcoin price rally went into a passive mode and the Ethereum price rally intensified, many believed ETH may flip BTC someday. Moreover, the difference between the market caps was diminishing at a greater pace. This fueled the speculations of the asset spiking above $5000 soon.

However, the black Wednesday of May trembled the markets which were destabilized by a massive margin. ETH price was trading above $4000 and within no time slumped below $2000. Since then the price was in search of a bigger boost to recover the losses which are still missing at the press time. 

Also Read: Bitcoin Price & Ethereum Price Initiates A Bearish Weekly Trade, What’s Next?

On the other hand, the price with the current day trend sets the field for a massive breakout. The price is on the verge of forming a ‘Cup and Handle’ pattern and hence expected to visit some lower levels. Nevertheless, later a notable breakout may follow the slump to escort the price. 

A popular analyst, Shelby predicts the most bullish predictions and sees the price rallying above $6000 in the coming weeks.

Currently, the ETH bulls should come into action and uplift the price above the upper resistance levels around $2936. And in the meantime, a spike in the trading volume will also follow which will confirm the upside trajectory.

On the contrary, currently, the ethereum price manifests some signs of capitulation as the exchange inflows have seen a spike. However, this might be short-lived as the ETH price is poised to regain the lost positions and propel above $5000.

Also Read: Here’s When Cardano Price (ADA) & Ethereum (ETH) will Skyrocket!

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Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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