The second-largest crypto which is facing huge hurdles in surpassing $3000 levels may land up in a decisive phase very soon. Bitcoin, the star crypto no doubt sliced through the $39K levels but failed heavily to sustain above $40K levels. And hence following the BTC price trend, the ETH price halts just below $3000. However, while the consolidation approaches the apex, both bullish and bearish case emerges indicating the next possible move for the asset.
Bullish Case: ETH Price Primed to Hit $10K
Ethereum price, despite multiple pullbacks, maintained strong support levels and rebounded each time it tested these levels. The asset, currently, has undergone one such flip by which it displayed a significant possibility of ranging extremely high. And hence if mirrored the previous rally the possibility of hitting a 4-digit figure is extremely high.
— Wolf 🐺 (@IamCryptoWolf) May 5, 2022
The ETH price which is currently rising within a huge ascending triangle may break the consolidation soon. And as per the analyst, the price may rise more than 200% to secure levels above $10,000. As the asset had earlier displayed a similar trend, wherein it consolidated for 6 months within an ascending triangle and once broke the upper resistance, spiked more than 280% to hit $1500 levels.
Therefore, a 15-month consolidation within the same ascending triangle may result in a massive price explosion to hit the 4-digit figure very soon.
Bearish Case: Ethereum May Slide down to $1100 levels
On the contrary, the Ethereum price also showcases the possibilities of slicing through the lower support and plunging very hard. The ETH price in the short-term had earlier broken down below the lower support and plunged hard from $3600 levels to $2700 very quickly. Currently, the ETH price may mirror the same trend and as predicted by an analyst could drop down to $1100.
Main target: $1100-1300 pic.twitter.com/7zYAx6kdXi
— il Capo Of Crypto (@CryptoCapo_) May 4, 2022
Collectively, the Ethereum price appears to be in a pretty decisive phase where-in just a wrong move, may slide down drastically slicing through the pivotal support levels. However, the market sentiments are turning slightly positive and hence if the ETH price plunges, may rebound firmly before reaching these levels.