After consolidating for a couple of days, the top crypto assets are currently recovering finely. Ethereum price is currently trending close to its highs and may trend within the stratosphere very soon. Currently, the traders have a shift of focus away from the ETH price, however, could regain attention with just a 2% jump.
Ever since the second most preferred crypto dropped nearly 8% in the past trading day, many traders jumped in to grab more. However, currently, the platform is suffering a drop in the volume by more than 22%. Yet the price is consolidating ranging slowly towards the north and hence pointing out a bullish signal. Therefore, the ETH price could suddenly climb to new highs, probably above $5000 with the next leg up.
The Ethereum price geared up quickly after hitting $4471 during the previous day trade. And moreover, the price is following an ascending parallel channel since the start of Q4. Undergoing a substantial uptrend, the price may hit $5000 in an upcoming couple of days. However, after it reaches $5000, the asset may get exhausted and again drop towards the $4700 levels.
Despite the downtrend, the asset may still rebound and range around $5400 by the end of November 2021. On the other hand, as per the on-chain data provider, Santiment, Ethereum’s address activity is up about 48% since September. Hence indicating the increased activity on the platform.
Collectively, Ethereum as of date is considered as one of the most consistent assets for investments. The milestone of $5000 is on the horizon for the ETH price as the market sentiments for the assets are pretty bullish. However, minor corrections or dips are always been part of the Ethereum price rally which give a major push to hit the next higher levels.