Most of the crypto assets tend to be too much volatile creating enormous price movements. Yet some assets undergo a slow yet steady uptrend so that the negative impact could be nullified easily. Ethereum price showcases some such tendency to hit the target yet with a strong foundation. Consolidation followed by a remarkable leg up and again consolidation is the strategy implemented by ETH price for a consistent uptrend.
There was much speculation in the crypto space and many raised concerns over the reduced pace of the asset. Yet the asset laid down all of them with a massive jump in the early trading hours. The asset for the first time since the mid-may crash climbed above $3900 and could break the $4000 resistance zone anytime from now.
Currently, the ETH price is trending very close to the critical resistance zone exactly at $4000. After going fully parabolic, there could be a possibility of a slight pullback following a cup and handle pattern. If the price slides, the support levels above $3600 could hold the rally strong and prevent more losses. However, as an outcome of the pattern, the asset could eventually range beyond $4300 and form a new ATH soon.
Adding to the substance, the daily trading volume of the asset has considerably drained. And hence it may have lowered the pace of the rally. Therefore the bulls are required to jump in push the Ethereum price above the ATH. And thus the time when the ETH price rally achieving the $5000 milestone could be fast approaching.