Over time, Ethereum’s price has been in a sideways trend, with no definitive move in either direction. This trend has created an upward channel that could turn things around for the second-largest cryptocurrency by market capitalization. If this trend continues, it is possible that Ethereum’s price will soon reach fresh all-time highs.
Why Ethereum Price Could Surpass $5,000
Crypto analyst Jonathan Carter common analysis on site X (formerly Twitter) which looks at the price of Ethereum and what the current trend could mean for altcoin. Carter noted the current ascending channel formation, but also what it could mean for Ethereum’s price in the future.
According to a cryptocurrency analyst, Ethereum’s price is currently closer to the lower boundary of the ascending channel formation. This is clear from the weekly chart, and since the altcoin price has not yet broken below this channel, it is still very bullish.
For now, Ethereum’s prediction remains that the price will start to rise, provided a few things remain. First, the canal structure is still intact. This suggests that bulls are likely pushing the price higher.
Another factor is that the support zone around the $1,900 level still holds. As long as this support holds, the bears will not be able to continue to drag the price down. However, failure to secure this level would lead to a collapse in Ethereum prices.
The last one is just that the upward momentum continues to grow around Ethereum. This often happens during periods of sideways movement such as this whales gatheras a result, bullish momentum around a given asset begins to enhance.
With all catalysts remaining intact, the crypto analyst predicts that there are a total of five (5) Ethereum price recovery targets. The first target is $2,350, which is about a 15% jump from the current level. Once this value is exceeded, the bulls move on to the second target at $2,800.
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Thereafter, the next economic recovery target will enhance to $3,550, finally breaking the resistance at $3,000. That falls brief of the $4,700 target. Reaching this target will set the stage for Ethereum price to retest the current all-time high of $4,900 and then reach its ultimate target.
This final target was set at $5,700, which would set a fresh price high for Ethereum. However, all this still depends on whether the ascending channel formation remains in place and the price does not break below the established support.
Featured image from Dall.E, chart from TradingView.com
