Ethereum (ETH) Gears Up for Its Next Big Rally: Price Analysis

While Bitcoin is coming back to test its recent flag breakout, and the altcoins are generally back in the red, the Ethereum (ETH) price is coiling up ready for its next rally to the upside. More in the tank for $ETH The current $ETH rally has likely got a lot more fuel in the tank. The Spot Ethereum ETFs are continuing to buy heavily, and therefore it might just be a matter of time before $ETH crashes through its all-time high. Source: TradingView In the 4-hour time frame it can be seen how the $ETH price burst out of its previous bull flag with enough impetus to also crash through the strong resistance band from $4,000 to $4,100. Now, while the other shorter term Stochastic RSIs are coming down to reset, the price is consolidating within a tight range. The price could keep chopping sideways for a while, but this most definitely looks like a continuation pattern. $ETH rally becoming parabolic Source: TradingView The daily chart for $ETH shows just how parabolic this rally has become. With what was once very strong resistance now in the rear-view mirror and another bull flag forming, another powerful breakout is in the cards. $ETH rectangle measured move to $6,500 Source: TradingView If the rectangle pattern is applied on the weekly time frame, it can be observed that the measured move is to almost $6,500. Could this be the target for the rest of the bull market for $ETH ? With the all-time high at around $4,880, the target would be another 32% from there, and 50% from today’s price. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: Crypto Daily