The recent sell-off has dragged the Ethereum price to as low as $3600 and this was when immense buying uplifted the rally. And currently, the rally again secures levels above $4000, however, bulls are yet to enter the ring. Once the bulls take over the rally the asset is expected to go 10x in its pace to hit the immediate target at $5000 slicing through the ATH around $4800, probably before the end of 2021.
Ethereum Price Forecast
Ethereum, during the previous day trade, was stuck in a deep well and hit the lows very close to $3600 in the later hours. However, utilizing the buying opportunity bragged in and quickly grabbed some ETH at discounted prices. And since then the asset is following a serious uptrend. Therefore continuing with the uptrend, the ETH price finally sliced through the mandatory resistance levels and maintained above the levels.
- Ethereum price is maintaining a notable uptrend ever since the rally flipped the bearish divergence nullifying all other plunges
- The ETH price has dropped down below the crucial resistance levels below $4000 but recovered the spots well
- Amid the uptrend, the possibilities of the bearish divergence cannot be completely nullified as current a tough fight between the bulls and the bears is been witnessed
- On the other hand, a bullish scenario is also been displayed as the price is trending within the falling wedge which usually results in a substantial uptrend
- The asset may continue with a downtrend for a few more times until it reaches its apex and finally pulls a massive leg up to undergo a massive rally.
- As the asset’s price reaches its apex, this will be the time when the bulls may enter the ring to uplift the price towards the target at $5000.
Overall, the bearish rounds of news turn the entire crypto market bearish and the bullish rounds uplift them from the deep wells. A similar structure is been witnessed in the crypto space as the external factors are currently impacting the crypto assets mainly Bitcoin price. And hence Ethereum(ETH) price also may be pre-programmed but after a slight pullback.