After the market crash that rocked the Ethereum price and sent it crashing towards $3,400, there was some recovery as the market once again followed Bitcoin’s path. However, there is still a lot of contention between bulls and bears regarding the direction Ethereum price may go next. To this effect, the analyst pointed out some interesting formations on the Ethereum chart and what could trigger a rise to $14,000.
Two things needed to make Ethereum price bullish
Crypto analyst Without Worries outlined that there are two questions Ethereum investors should ask to determine whether the price has turned bullish. The first of these questions centers on the current trend and asks whether it is bearish or bullish.
Analysts explain that the trend took a more positive turn from here, with Ethereum price rising above $1,600 in April. So as long as this holds, the trend will certainly remain bullish, leading to the second and most important question.
This question focuses on Ethereum price trends, but the issue here is that the altcoin continues to trade against resistance. This major resistance lies at the $4,400 level, and the digital asset has been rejected from this level many times in the past.
For this reason, crypto analysts are telling investors to keep an eye on the two-week chart for confirmation. Ethereum price will need to break above $4,400 and then clear $4,500 with a decisive move. This means that sudden price increases are not taken into account. However, if this resistance is completed and support is confirmed, Ethereum price could continue to rise to $14,000.
There is also the fact that Ethereum price is about to complete another two-month candlestick. Analysts point out that price resistance for this trend lies at $3,400, which coincidentally is the low of the liquidation event that occurred last Friday. Therefore, it remains a decisive support point for the price.
Importantly, analysts note that if Ethereum price completes a two-month candlestick above $4,400 by the end of October, it would also confirm that price action is positive and the price could continue to rise.
However, this means that the bears could regain price leadership if the price actually fails to break above $4,400 on both the two-week and two-month charts. If it turns negative, the decline could deepen further. “An affirmative answer to questions 1 and 2 is a green light for a long entry and, more importantly, a reversal of the bearish view,” the analyst said.
Featured image created by Dall.E, chart on Tradingview.com
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