The post Ethereum Forms a Bullish Pattern: If ETH Price Smahes These Levels, a 60% Rise is Imminent Reaching $6000 appeared first on Coinpedia Fintech News
Bitcoin has managed to achieve the milestone at $100K and has sustained above the gains. Besides, the second largest token, Ethereum, also demonstrated acute strength and was about to reach the pivotal range at $4000. This move is expected to be the most bullish signal, which is expected to elevate the price levels beyond the current ATH at $4,800.
Will the ETH price surpass and sustain above $4000 in this attempt?
The Ethereum price has been closely following the star token; it maintained a sluggish trend while the BTC price traded horizontally below $97,000. The token gained immense strength as it rose above the consolidation around $3700. As it happened earlier in Q1, the bears appear to strongly hold the zone around $4000, due to which the price is finding it a tedious job to surpass. Besides, the price is expected to initiate a fine rise once the token sustains above $4000, activating the higher targets beyond not only $5000 or $6000.
The weekly chart of the Ethereum price suggests the token is attempting to breach the upper resistance of the decisive symmetric triangle. The supertrend has turned bullish, suggesting a significant flip in the trend, validating the bullish claim. Moreover, the price has reached the neckline of the cup & holder pattern and a breakout from the range is expected to push the prices towards the ATH. The RSI, which is undergoing a parabolic recovery, hints towards the growing strength of the bulls.
Therefore, the Ethereum price is expected to rise above $4000 after Bitcoin marks the milestone of $100,000. The bulls are facing some hindrances but the price is expected to break out of the range anytime from now. However, after rising over $4000, the price may head towards the ATH. However, the real targets remain above $6000 at 1.2FIB, which is around 60% away from the current levels.