In an interesting market trend, while Ethereum price usually follows Bitcoin, it appears that the asset has overcome its limitation. The ETH price remained calm and still during the BTC price extreme sell-offs and surged while the primitive token managed to recover from the losses. Therefore, the second-largest crypto could showcase a stable rally in order to form new highs above $5000 soon.
Ethereum is currently displaying one of the most bullish weekly charts which may outperform Bitcoin very soon. No sooner than Twitter also included ETH address along with BTC in their tip jar feature, the price appears to have gained immense bullish momentum. However, the asset is setting up the plot to pull the massive leg-up that may lead the price close to $6000.
The asset ever since it flipped the bearish divergence at the beginning of August, is following a parallel channel. Further, the asset could consolidate for some period before resuming the next parallel channel. Currently, the price appears to have initiated with the next channel and trending within this channel, the asset may also reach close to $6000. However, the time frame may be extended beyond 2021, somewhere in the mid of Q1 2022.
After an acute sell-off, Ethereum is attempting to build a substantial buying pressure as despite the reduced volume yet the price is maintaining above certain limits. Interestingly, after going inversely parabolic, the RSI has just flipped, aiming towards the upper levels. Moreover, the MACD points out a huge bullish trend in the short term. Currently, ETH’s price is hovering around $4500 with a jump of more than 4% which may escalate close to $5000 by the end of 2021.