Ethereum (ETH) Sights another Record Peak, Aiming $6,000

Briefly –

  • Ethereum prepares for another ATH, transpiring two bullish patterns.
  • The primary technical patterns show optimistic moves towards $6,015, then $6,365.
  • ETH’s daily close past $3,969 will support bulls’ optimism towards $6,000.

Ethereum has its price actions oscillating near a vital support level that served as the alt’s resistance. Bulls appear to gather momentum before resuming its rally. If the 2nd-largest crypto by market cap maintains beyond $3,960, it might rise by 60%.

Ethereum Targets 60% Upswing

The daily price chart indicates two massive technical formations for Ethereum price – a cup-handle pattern and the ascending channel. The latter formation shows that Ethereum has recorded higher lows and higher highs since June, confirming the token’s optimistic picture.

According to the prevailing price chart, Ethereum seems ready to hit the channel’s top border at $6,015, matching with 161.8% FIB extension, displaying a 48% surge.

Meanwhile, the cup-handle pattern depicts Ethereum targeting $6,365, suggesting a 60% upswing. Though the two primary technicals formations highlight an optimistic picture for the leading altcoin, the asset should prepare for challenges around its peak high at $4,360, matching the parallel channel’s middle border. Market players may expect additional obstacles to showcase near the 127.2% FIB extension at $5,092, then 161.8% FIB extension at $6,015.

With the reinforcement by the two positive chart patterns on the coin’s daily price chart, Ethereum has the momentum to avoid plummets even when selling pressure magnifies.

Meanwhile, ETH will secure an immediate support level at the trend-line near $3,960, then the 78.6% FIB retracement at $3,797. The following defense line will appear around 21-day SMA at $3,710, then the 50-day Simple Moving Average near $3,453. After that, it might fall towards the ascending channel’s lower boundary at $3,349, meeting with 61.8% FIB retracement.

However, if the upcoming sessions see Ethereum failing to maintain above the support levels highlighted above, market participants may forget about the projected bullish move. Ethereum might suffer a plunger towards lower zones at 100-day Simple Moving Average at $3,137.

For now, bulls need to target a daily close beyond $3,960 to support buyers’ commitment to take the alt towards its higher targets.

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