Ethereum (ETH) The price has been continuing its upward trend since the “Uptober (an expression of the month of October when the rise continues)” started and broke a record seven times. As the situation continues, the bullish momentum is not likely to break down anytime soon and investors should be ready for a sustained ETH rally.
Although the Relative Strength Index (RSI) indicator shows that ETH has been overbought recently, the bulls continue to hold the important support as profits were made before Ethereum continued its price exploration.
Price Discovery Is Just Getting Started On Ethereum
The bullish momentum continues to hold up as many analysts believe Ethereum will hit $8,000 by the end of the year. If the current conditions continue, it seems possible for the Ethereum price to reach $ 8000 by the end of the year.
However, traders should be wary that the RSI is correcting as it moves away from the overbought zone, an indication that the bears are determined to push ETH down.
Ethereum (ETH) price is now finding support near $4610, its May 12 high. Although this support has been tested to the downside frequently in the last few days, the bulls have managed to maintain their strength and keep the price up.
ETH price, on the other hand, seems to be consolidating at the moment. If the bulls continue to dominate this market and are able to sustain the price above $4160, then a continuation of the uptrend may appear. The bulls can first climb above the all-time high of $4879, followed by the $5000 band.
ETH/USD Daily Chart
If things go wrong for the bulls, ETH’s $5,000 target could diverge a bit and the price could slide below the $4160 support level. However, ETH could find support near the $4392 level and the ascending trend line, which is ETH’s dynamic support line.
The ascending trendline has successfully supported ETH price twice before, and following the support it has taken the price to new highs. If ETH breaks below this trendline, $4275 is likely to provide some support in the near term and the bulls can gain strength again.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.