The price chart of Ethereum by trading view

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.

The price chart of Ethereum by tradingview

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

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Check Also


EU MPs Attack Amazon’s Participation in Digital Euro Project

A cross-party coalition of members of the European Parliament on Tuesday came under fire at …

Leave a Reply

Your email address will not be published.