- Ethereum experiences price correction following a 22% rally within five days.
- The retracement will offer interested market players the last buy opportunity before the al skyrockets 33% towards $5,662.
- Meanwhile, breaking under the $3,909 range low will cancel the bullish case.
Ethereum has seen a remarkable rally over the past few days and almost retested its ATH. That was a liquidity rise. For now, ETH stages the next surge that might push it to a new record high. Keep in mind that Ethereum recorded upswings even when BTC struggled to leg up.
ETH Price Targets Record Highs
Ethereum price gathered liquidity beneath the 18 November swing low of $3,960 on 25 November and triggered an uptrend. Since then, the leading alternative coin has surged 22%. That had ETH collecting liquidity beneath the 16 November swing high of $4,771.
For now, market players need to watch Ethereum for a massive surge that would record a new ATH. Keep in mind that ETH has lost 5% after its recent surge. The downtrend has higher chances to continue until Ethereum drops into the buying territory, extending between $4,093 and $4,242.
Such a price move will catalyze an upswing that will see ETH retesting its present record peak at $4,878 before creating a new ATH around the psychological level at $5,000. If the bullish pressure persists, the second-largest crypto might extend its run-up, tagging $5,340.
With a massive bullish scenario, market participants may expect ETH to form a swing high of around $5,662. That would mean a 33% upsurge from the $4,242 mark.
Though the narrative above highlights bullishness, it depends on the case that Ethereum avoids a dip beneath the buy zone that extends between $4,093 and $4,242. Breaching this price area will likely witness the altcoin retesting the $3,909 range low.
If Ethereum produces a daily candle close under this area, market participants may forget about the bullish tale. In such a case, ETH price will aim the 22 October and 28 October swing low near $3,889, plus the liquidity beneath this level.
Stay tuned for the latest updates in the crypto space.