Despite the Ethereum price falling towards $4,000, bullish sentiments around the cryptocurrency have not waned. On the contrary, many believe that the recent price drop is part of the process that will return the altcoin to new all-time highs. A cryptocurrency analyst also highlighted the fact that Ethereum price could soon embark on a bullish wave, which could lead to a price increase of over 50%, which could consolidate new all-time highs.
Bet on Ethereum price to surpass $6,000
Crypto analyst HAMED_AZ pointed out that the Ethereum price could be on the verge of a rebound. This comes as the second-largest cryptocurrency by market capitalization trades between levels that have served as major support and resistance, failing to properly move above $4,500, which is the main level of interest at this point.
Given this tight price performance, the crypto analyst believes that this could lead to a correction in the short term. This correction would take Ethereum price towards the ascending trendline, placing the next major support for such a correction just above the $3,600 level.
However, once this correction is complete and support is established, the next step is for Ethereum price to rebound. Following the ascending trendline would put it on a bullish trajectory, and the resulting breakout would be what triggers the next bullish wave.
Depending on the target set by the crypto analyst, the price of Ethereum would see an increase of over 50% from here. This would take it to $6,400, which would follow the ascending trendline, with the first major resistance coming at around $5,000.
The bears are always watching
Amid the growing bullish signals, there is a chance that the bears could still capture Ethereum price, and this is right at the support level targeted by the trendline correction. The $3,500 serves as a salvation support that could confirm the 50% rally above $6,000. However, this is also the level where the bears could regain control.
The crypto analyst emphasizes that Ethereum price should not close a daily candle below $3,500. Indeed, if it did so, it would invalidate the entire bullish scenario, leading to a much deeper correction that could see it fill the wick of the flash crash.
Featured image created with Dall.E, chart from Tradingview.com
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