- Ethereum price is retracing after rising 22% in less than five days.
- This correction will give interested investors the last opportunity before ETH climbs 33% to $ 5,662.
- A breakdown of the lower end of the range at $ 3,909 will invalidate this bullish thesis.
The price of Ethereum rose exponentially for a few days and nearly retested its all-time high. This ramp-up is a perfect example of a race for cash and gears up for the next ramp-up that will likely set a new high.
Ethereum price targets record highs
Ethereum’s price collected liquidity below the November 18 low to $ 3,960 on November 25, which marked the start of a rally. Since that point ETH has climbed 22%, and in doing so, altcoin has managed to collect liquidity above the November 16 high of $ 4,771.
Therefore, investors should watch the price of Ethereum for an explosive move that sets a new all-time high. After the recent surge, ETH has fallen 5% and is expected to continue until it plunges into the buy zone, ranging from $ 4,093 to $ 4,242.
The move will trigger a ramp-up that will aim to retest the current record at $ 4,878 and hope to set a new one at the psychological level of $ 5,000. If the bullish momentum persists, the price of Ethereum could expand to $ 5,340.
In a very bullish case, however, investors might expect the price of Ethereum to peak at $ 5,662. This move would constitute a 33% ascent from $ 4,242.
4 hour ETH / USDT chart
While the above narrative is rather bullish, it depends on whether the price of Ethereum does not drop below the buy zone, ranging from $ 4,093 to $ 4,242. Breaking this zone will likely result in a retest of the lower of the range at $ 3,909.
If ETH produces a daily close below this level, it will invalidate the bullish thesis. In this situation, the price of Ethereum will hit the October 22-28 low at $ 3,889 with liquidity remaining below.