As many believe, that the bull run isn’t over yet, Ethereum price is showcasing the possibility of a fresh uptrend. While most of the cryptocurrencies are following a descending channel, ETH follows a parallel channel. Despite huge drops, the ETH price yet attempts to jump above $2000 each time.
The price is maintaining a downtrend for a couple of days. Despite the downtrend, a major bounce is believed to be fast approaching. Unlike the other assets, the ETH price rally is a perfect combination of balanced buying and selling pressures. Therefore, a substantial uptrend of nearly 40% is on the way as predicted by an analyst.
As per the chart put up by the analyst, the price may form an inverse head and shoulder pattern which could fuel a 50% retrace. It could be possible if a notable bounce is recorded at current levels or at the 0.886 FIB levels. This could uplift the price towards the top of the harmonic reversal point.
On the whole, Ethereum price appears to follow its own trend by displaying a huge tendency to reach its lost positions. Moreover, the shrunk ends of the price chart could signify the final stages of accumulation which may result in a breakout. Therefore all eyes would be on the ETH price rally this weekend, as a significant change may be in place.