Ethereum hits $4,000 again; will $6,000 be the next target?

Ethereum price has regained the psychological level of $4,000 and has reached the $4,080 range with a 5% increase in the last 24 hours.

After a recent drop to $3,700 on October 17, the cryptocurrency has rallied more than 10%, but is still trading 18% below its all-time high.

Technical analysts are emphasizing Ethereum’s bullish outlook, citing key supports. Charts show that the cryptocurrency is consolidating above key resistance levels and multiple bullish signs have emerged.

Some analysts say that Ethereum is forming a classic bullish “flag” pattern on the monthly timeframe, which could lead to a major rally.

Also, John Bollinger, the creator of the Bollinger Bands indicator, has identified a bullish double bottom pattern on the Ethereum chart for the first time in the last three years and considers it a sign of a positive price rebound.

According to predictions, if the upward trend continues, Ethereum could reach the $5,500-$6,000 range.