Ethereum bullish scenario

Although Bitcoin bears managed to set a new low a couple of weeks ago, Ethereum bears failed to do so and instead bounced off horizontal support which suggest it is maintaining its value better than Bitcoin.

With Ethereum now back above the 200 EMA (in orange) on the daily chart and holding above the mid range, there is a good probability that the key $4,000 zone will be tested again.

If Ethereum breaks through $4,000, the bulls could potentially push the price to the $5,555 zone.

Let’s not forget that the #Ethereum ETF is launching soon, which supports a bullish scenario.