Recent events show that Ethereum has entered sell-off territory. This is undoubtedly a bullish development for second largest cryptocurrency in terms of market capitalization as it looks like the price will enhance and could reach as high as $6,000.

ETH ready to launch after entering the sale area

Titan of Crypto Cryptocurrency Analyst suggested in a post by X (formerly Twitter) that Ethereum is ready to take off, entering sell-off territory. He noted that historically, ETH sees a rally or short-term pump when Relative Strength Index (RSI) is at or near the oversold zone on the 3-day chart.

While it remains to be seen whether this will be a rally or just a short-lived pump, the Titan of Crypto added that either way, an uptrend for Ethereum seems to be just around the corner. The accompanying chart, shared by the crypto analyst, showed that ETH could reach $6,000 if it is a price enhance, the cryptocurrency will reach at least $ 3,000 if it is just a short-term enhance.

Cryptocurrency analyst Crypto Wolf also Recently Shared some Ethereum update and noted that sentiment is at a bottom and interest in the ETH herd is decreasing. He added that according to his updated chart, TH is likely approaching a bottom. In this regard, he called for patience, as Ethereum will experience a bullish reversal once it finds a bottom.

The attached chart shows that Ethereum could rise to $2,900 on a price bounce and will set itself at $5,600 if it breaks through the resistance at $3,900. Poisedon Cryptocurrency Analyst He also suggested an imminent ETH price recovery, saying the manipulation had already happened and it was time to expand.

The accompanying Poseidon chart indicated that ETH needs to reclaim $2,600 if the market structure is to move higher. Based on the crypto analyst’s analysis, this upward shift could result in Ethereum reaches $3,200 in the tiny term.

Spot Ethereum ETFs play a role

This Spot ETFs Ethereum undoubtedly play a role in any potential ETH price rebound. According to data with SoSo Value, these funds have seen a total net outflow of $562.31 million since their launch on July 23, which has put significant selling pressure on the ETH price.

These outflows were mainly due to selling pressure from Grasyacle’s Ethereum Trust (ETHE)similarly to what happened with Grasyacle’s Bitcoin Trust (GBTC) Spot Bitcoin ETF Bitcoin then fell to $38,000 before rising to its current all-time high (ATH) of $73,000 after selling pressure from Grayscale subsided.

Hence, ETH may also experience a parabolic rally if the same situation repeats itself, with the easing of selling pressure from Graysale on ETHE and others Spot ETFs Ethereum recording an impressive inflow of funds.

At the time of writing, Ethereum is trading at around $2,320, down more than 3% in the past 24 hours, according to data data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com