Ethereum was on the verge of the $3,000 dollar price area and was bound to break higher. However, prices retraced back towards the strong support area which is delimited between $2,000-2,400. Today, prices are up in the past 7 days by more than 15% and are looking bullish. Will Ethereum price finally break $3,000 for good and continue higher? In this Ethereum price prediction, we analyze Ethereum from a technical perspective and look at the important price areas.
Will Ethereum price reach $4,000?
The Ethereum price has formed a symmetrical triangle in the past few weeks. This triangle is not yet in the last third, which is why a current breakout is rather unlikely, even if the Ethereum price is currently at the top of the triangle, we do not expect any breakout for the time being. Instead, we assume that the Ethereum price will initially correct somewhat. The correction could last until the lower trendline of the triangle. In the best case, the price will only correct the last upward movement in order to break out afterwards. If the Ethereum price breaks out in a bullish way, the price could rise to around $4,000. That’s where the goal of the formation is.
Can Ethereum BOOM to $5,000 soon?
If we look at the volume of the Ethereum price, we can see that some sell orders have been triggered. So some people have already bought Ethereum, which is probably why there are fewer sellers now. As such, there may now be less selling pressure on the upside, hence the possibility that the price may see a bullish breakout anytime soon, in the near future.
Reaching a price of $5,000 would happen if prices first manage to break the $4,000 price mark. Additionally, prices should consolidate above that are a while. If this happens, reaching an Ethereum price of $5,000 should be very likely.
