Key Takeaways
- ETH’s price gains more bullish sentiment following a strong price rally above $1,850.
- If Ethereum’s price trades above $2,500, the bullish reversal is confirmed, as the price could aim for $3,000.
- Crypto experts on X suggest Ethereum’s price would still hit a target of $6,000 despite a 50% crash.
The price of Ethereum (ETH) has struggled in the last three months, crashing to a region of $1,380 from its high of $4,000, which is over a 50% price crash, as this created much panic and uncertainty around the price of Ethereum.
Towards the end of April, the crypto market saw some great price bounces, including Bitcoin. The price of Ethereum rallied from its key zone of $1,380 to a high of $1,770, breaking out of its bearish downtrend that had prevented its price from rallying to the upside.
The price of ETH trading above $1,500 is a relief for many traders and investors holding Ethereum, as the price has struggled to show strong price action in the last few weeks, competing with other top-performing altcoins like Solana and Ripple (XRP).
Following ETH’s struggling price action, which did not meet the expectations of many traders and analysts, there have been rumors and predictions that the price of ETH would be overthrown by the likes of Solana, which has performed pretty well and shown a strong price rebound in the last few weeks.
The current price action for Ethereum (ETH) indicates that the price is on a bullish path as it attempts to break above the key resistance of $2,000. This would signal a complete trend reversal for Ethereum’s price to the upside, potentially sustaining its price action to the upside of $3,000.
Technical Indicators Turn Bullish For Ethereum Price Prediction
Ethereum’s fear and greed index in the past three months was at an extreme fear point but has rallied in the last few days following a surge from Ethereum’s price from a region of $1,380 to a high of $1,850 indicating a strong bullish rally as the fear and greed index indicator for Ethereum turns extreme greed.
Other indicators and technical analysts share the same sentiment around the price of ETH. TraderPA has indicated a strong conviction that ETH’s price will hit a target of $6,000 before the end of the year despite the recent crash by over 50%.
Source – ETH 1D Price Action From TradingView
The price of Ethereum (ETH) breaking out to the upside of $2,400 and trading above its 50-day and 200-day EMAs acting as minor resistances could see a strong rally for ETH to a high of $2,800, as the price has suffered much decline in the last couple of months.
Traders and investors should pay attention to the price action of ETH in the region of $2,100 to $2,400 before making investment decisions. With the crypto market remaining bullish, there is a high possibility of a strong rally for ETH.
