After the previous day’s flip from the bearish divergence, the Bitcoin price surged beyond $45,000. But at the same time, Ethereum failed to ever range above $3000 and remained restricted around the same levels. However, serious strife between the bulls and the bears has been witnessed since the early trading hours. And a selling Doji has formed which indicates a bullish reversal. ETH price ever since flipped the yearly lows at around $2300. And by forming a couple of bullish flags to maintain a notable uptrend.
However, in the past couple of hours, the ETH price managed to break out through the descending trend line. And hence after nullifying the possibilities of drowning further, the second-largest crypto may focus on the upper target now. Surpassing $3000 could be the first step towards the ATH. This may also include a couple of retests towards the $2950 levels. Interestingly, an analyst lays down the path which may assist the price to hit the ATH probably by the end of Q1.
As displayed in the chart, the ETH price is testing the trend line and attempting very hard to surpass these levels. Yet it is facing some rejections, but the buyers are strong enough to hold the price above the line. Also, the analyst pointed out towards the double bottom pattern formed and the trend line is the neckline. And hence a breakout from here may validate an uptrend which in turn could ignite a bull run towards the $4000 target areas.
The analyst believes the current phase is the right time to enter. Moreover, he has let out the upper targets at $3220, $3620, $4130 and $4640. From here forming a new ATH may not be a tedious job for Ethereum. Also, the current plot may become invalid if in case the bears take back the control and the price is below $2500. Therefore, surpassing $3000 and sustaining above is pretty much important for the ETH price to test the ATH by end of Q1 or by mid of Q2.
Source: https://coinpedia.org/price-analysis/ethereum-break-out-update-eth-price-to-hit-4500-in-the-next-10-to-12-days/