After a nice flip from the bearish divergence, the major cryptocurrencies appear to have sustained the spike. As Bitcoin price remains strongly above $47,500 and Ethereum price above $3200. No doubt the market did experience a slight pullback, yet the lower support levels of ETH price appear to have elevated.
Yet, still, a long way to go for traditional assets as a slight pump has been witnessed after a dreadful downtrend. And hence, still, the assets need to test some crucial levels in order to undergo a gigantic Q4 rally. And hence Ethereum price also needs to break $3300 in order to smash $4000 as it did every time in the past.
Every Time $ETH Has Been Able To Break ~$3300 (Black)…
It Has Rallied To $4000 (Red)
ETH Is Right Back At ~$3300, Challenging For A Breakout After Forming A Weekly Higher Low#Crypto #Ethereum Pic.Twitter.Com/7aqY1BCVC2
— Rekt Capital (@rektcapital) October 1, 2021.
The analyst, Rekt Capital, believes the ETH price is on the verge to form a weekly higher low and hence could hit the target soon. However, the predictions for the second most preferred asset lies around $10K by the end of 2021. Yet the price is still struggling to hit the immediate resistance levels.
How Fast Ethereum Price Can Hit $4000?
It is to be noted that ETH price surpassed $4000 just once and only for a few moments after the launch of the EIP 1559 upgrade.
Moreover, the pace of the rally has also reduced since the London Hard fork was rolled out. However, the technicals and the charts do point out at a notable rally awaiting ahead of Q4.
Ethereum price since the beginning of 2021 has followed the Elliott wave theory at its best. The price current could form a ‘Wave Degree’ which is nothing but liking each Elliott wave.
This forms a larger 5-wave and 3-wave structures that exhibit similar price movements at almost all time frames. And hence considering these indicators, ETH price could smash $5000 in the next wave cycle.
Collectively, Ethereum follows a steady approach to attain higher levels. No doubt the rally could include some pullbacks or corrections, yet the ETH price is expected to trade above $3000. And eventually, the asset could rally towards its target now and aim at higher levels in the coming days.
Diclaimer: Please do note that Wasplight.com isn’t the original writer of this content. You can check them out by clicking the link to visit their site. Coinpedia.org