The chance of Ethereum reaching $5k might be thin for now, 2 possible scenarios

The technical analysis shows that the chance of Ethereum reaching $5k might be fading away for a while as around $4250 correction is expected. On an extreme note, ETH may fall to the 3 thousand range.

The second-largest crypto asset, Ethereum, is looking stronger with a little change compared to 24h price. The market of Ethereum is $527,361,445,791 with a 24h trading volume of 14.03 billion dollars. Ethereum is trading at a $4486 price after making a new ATH last week. The technical analysis of Ether is mind-boggling as it is showing that the chance of Ethereum reaching $5k is becoming thin for now.

Technical analysis: The chance of Ethereum to $5k might be thin

The technical analysis of ETH presents two scenarios; one is that Ethereum continues its hustle towards $5k in the same upper trend it has been for over a month now. But, correction of ETH to $4250 seems inevitable. The second scenario makes the chance of Ethereum to reach $5k a bit tough for now. Ethereum has been in an uptrend for over a month without any major correction.

With 38% FIB retracement for correction, ETH can reach near $3850. Both of these scenarios rely on the movement of BTC. The chance of Ethereum to $5k can increase if BTC stays stronger in the coming days. DYOR