Ethereum Price Could Surge To $6,400 With New Bullish Wave, But There’s A Problem

Despite the Ethereum price crashing back down toward $4,000, bullish sentiments around the cryptocurrency have not ￰0￱ anything, many believe that the recent price crash is all part of the process that will lead the altcoin back to new all-time ￰1￱ crypto analyst has also highlighted the fact that the Ethereum price could embark on a bullish wave soon, and the result could be an over 50% increase in price that could cement new all-time ￰2￱ On Ethereum Price To Cross $6,000 Crypto analyst HAMED_AZ has highlighted that the Ethereum price could be getting ready to rally ￰3￱ comes as the second-largest cryptocurrency by market cap has been trading between levels that have served as major support and resistance, failing to properly break above $4,500 , which is the major level of interest at this ￰4￱ this tight price performance, the crypto analyst believes that this could lead to a short-term ￰5￱ correction would take the Ethereum price toward the ascending trendline, putting the next major support from such a correction just above the $3,600 level.

However, once this correction is over and support is established, then the next course of action is for the Ethereum price to ￰6￱ the ascending trendline would put it on a bullish path, and the resulting breakout will be what triggers the next bullish ￰7￱ by the target laid out by the crypto analyst, the Ethereum price would be looking at an over 50% increase from ￰8￱ would put it as high as $6,400, which would follow the ascending trendline, with the first major resistance lying at around $5,000. Bears Are Still Watching Amid the rising bullish signals lie a chance that the bears could still grab hold of the Ethereum price, and that lies just at the support targeted with the trendline ￰9￱ $3,500 serves as the salvation support that could confirm the 50% rally above $6,000 .

However, it is also the level where the bears could reclaim ￰10￱ crypto analyst highlights that the Ethereum price must not close a daily candle below $3,500. This is because if it does this, then it would invalidate the entire bullish scenario, leading to a much deeper correction that could see it fill the wick from the flash crash.