The crypto space gained immense momentum as most coins showed an immense upward trend. However, Ethereum price had hit the below $ 3000 level again but quickly rose above the level to continue the uptrend. Given the strong tech specs, the bulls are expected to tighten soon to hit more highs for ETH price very soon.
Bitcoin price, on the other hand, rose nearly $ 50,000 in the early hours of trading. However, despite a slight pullback, the BTC price appears to be rising above $ 50,000 soon. Once that is done, there would be a bullish sentiment in the market that could fuel a notable uptrend.
AlanSantana, a popular analyst, is still on target of $ 6,000 even though the asset fluctuates within key barriers.
According to the chart published by the analyst, the ETH price is currently trading above the important barrier between USD 2731 and USD 3036. However, although the price is consolidating, it remains above these levels. And the longer the price moves sideways above the levels, the better the prospects for the bulls.
The analyst goes on to say that breaking below the 21-day EMA at $ 3,165 would trigger a downtrend. And so, a notable surge in price could help rebound near the $ 4,000 mark for the time being. And on top of that, with a significant boost, the price can even reach levels above $ 5,500, or even close to $ 6,000.
Overall, the market appears to be bullish right now as most of the altcoins have comfortably recovered from their support levels. Also, the price of Bitcoin is preventing a prolonged drop below the $ 45,000 mark to amass strength to hit the $ 50,000 mark. Hence, the Ethereum price could also be preparing to hit the target above $ 5500 and break the ATH.