Coming out of the weekend, Ethereum price has seen an augment in its bullish momentum. Although the situation is still in the early stages, there is a possibility that the bulls will manage to maintain this momentum for a reasonable period of time, thereby turning the sentiment back to positive. If this happens, it will have some implications for Ethereum’s price and could trigger another wave of cryptocurrency gains.

Ethereum price is waiting for another breakout

Speaking about the recent bullish momentum enjoyed by the Ethereum price, cryptocurrency analyst Klejdi Muni revealed that it was a direct result of a bullish flag formation on the chart. Ethereum price not only ended this bullish pattern, but was also able to break above the flag, which is very bullish for the cryptocurrency.

The initial break above the resistance at $4,000 shows that the bulls are gaining momentum, and the only obstacle now is maintaining this momentum. If the momentum continues, the next target to exceed the Ethereum price will be $4,285. Once this level is broken, it will only be a matter of time before Ethereum rises in another campaign to reach novel all-time highs.

On the other hand, there is a possibility that the bears will be able to drag the price back down. This would happen if the support at $3,900 was broken. Such a move could invalidate the entire bullish thesis, especially if it can be stopped current upward momentum in their tracks. So, Ethereum bulls need to keep the price above the $3,900 support if they want to maintain the current trajectory.

It is stubbornly the order of the day

Another cryptocurrency analyst, Linofx1, also did this it happened again bullish sentiment around Ethereum price. In his own analysis, Lino stated that Ethereum’s price is now bullish after testing a significant daily support level above $3,800.

This created an inverted head and shoulders pattern that is ultimately bullish for any digital asset. Price was able to complete the breakout from the neck, rising higher before encountering some resistance. This, the analyst explains, shows that there has been a local one change of character from bearish to bullish.

The analyst emphasizes that the next level that needs to be broken is $4,300. This is incredibly close to the Muni resistance at $4,285, which is the key to another breakout.

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