- Reputed analyst confirms bull pennant in sight.
- The price of ETH begins to bounce back steadily.
- Several bullish indicators show ETH could hit much higher ATH targets in altseason.
The price of ETH continues to trade in the $3,600 price range following a dip to the $3,400 price range. Presently, analysts are heavily bullish on Ethereum (ETH) and see strong indicators for a new ATH soon. In detail, one analyst sees a $5,000 ETH bull pennant in sight and is already seeing ETH price bounce back with other bullish internal and external signals suggesting even higher highs to follow.
ETH Begins to Bounce Back
The price of the pioneer altcoin, Ethereum (ETH), experienced two price dips over the last two weeks. To recall, the first dip came when Galaxy Digital sold 80,000 BTC worth $9 billion, leading to a BTC price dip from $119,000 to $115,000. Considering the high number of BTC sold off, the price of BTC held strong, meaning short dips in the altcoin market as well, where the price of ETH fell from $3,800 to $3,600.
Following that dip, ETH price rallied quickly and went on to surpass the 3,900 price mark, suggesting a $4,000 breakout next. However, another unexpected dip thwarted this plan when all financial markets experienced a dip in prices due to the Fed announcing no rate cuts in the month of August. During this dip, the price of ETH fell from $3,900 to $3,400, and has now recovered to $3,600, where ETH continues to trade at the moment.
Despite what looks to be stagnant movement, analysts have confirmed that the price of ETH has been trying to break out of the $4,000 and has been rejected 7 times. This means that this price range is under a lot of pressure, leading analysts to believe that a breakout is imminent, with surge targets set at $4,200 and $4,500. With an ATH price target set at $4,900, analysts eagerly await the surge.
As we can see from the post above, this analyst confirms that the price of ETH has started to bounce back once again. He says this is because of an increase in ETH ETF inflow, ETH whale accumulation, and Ethereum network activity. The analyst concludes by saying he believes it is fair to say that ETH is quite undervalued at the moment and will trade higher in the coming months.
$5,000 ETH Bull Pennant in Sight
This expectation aligns with Tom Lee’s observation of ETH showing signs of hitting $16,000 based on the ratio of ETH/BTC during the 2021 high. Keeping these bullish indicators in mind, another reputed analyst says that an Ethereum bull pennant indicates that $5,000 ETH ATH price is in sight. As the chart in the post above depicts, a bull pennant is shaping up on the ETH price chart, confirming that the technical target for ETH stands at $5,000.
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