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20 October 2021
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Ethereum

Ethereum(ETH) Price Consolidation To Continue, Yet $4000 Target Remains Unchanged!

The crypto space is pretty bullish today as major coins are showcasing a substantial uptrend. The bears had capitulated the market for a couple of days but the bulls flipped them quickly. And since then the ETH price appears poised to breach the important resistance levels at $3660.

The past week correction and consolidation was pretty healthy for the asset as the ongoing recovery is a result of the same. The price patiently traded below $3600 but above $3300 for more than a week before the massive leg up. Therefore, the next spike after a notable consolidation could lead the price to close to $4000.

ethereumchart
Source: Tradingview

The ETH price is currently rejected from the crucial levels, yet failed to drop more and is consolidating above $3630. However, the price could continue to trend within a very narrow region for some more time. And further could breach the important resistance levels in order to smash the resistance levels at $3863. 

The technicals like RSI and MACD also appear in favour of the asset as they showcase a bullish divergence. And, the volume also appears to be notable high and moreover, the buyers appear to have dominated the trade. Therefore, a notable uptrend could be fast approaching the crypto that could give a boost to head close to its ATH. 

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On the other hand, the PoW merger with PoW can still be a catalyst for the price explosion in near future. Many predict the target for Ethereum price to be $10,000 by the end of 2021. However, these catalysts and the bullish market sentiments can ultimately push the ETH price not only to its target but much above them. 

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