ETH Stays Bullish, Analyst Forecasts Explosive Rally

The bearish market seems to be over as Ethereum powers higher as the coin bounces back from the steep drop it has experienced since December, and given its price trend, at least one analyst believes the number two cryptocurrency in terms of market capitalization will "break out and start trading higher."

Ethereum is gaining traction and, according to Coinmarketcap data, is trading up around 3% at $3, 83.86 as of 4 a.m. ET. The coin has recovered some of the ground it had lost over the past months. The cryptocurrency is still trading in an ascending triangle pattern that reflects resistance near the $4,000 price level.

Ethereum's Relative Strength Index (RSI) has been rising over the past weeks and is now at 62. This means an increasing number of buyers have been getting into the crypto.

Bullish traders believe that number two crypto will continue to trade within the triangle pattern before crossing above resistance and eventually breaking out. Meanwhile, some bearish traders expect Ethereum's price to fall back lower and see its RSI drop below the middle line.

Into the Cryptoverse CEO Benjamin Cowen evaluated the price trend of Ethereum and believes that it will have an explosive rally.

"It would seem like there’s a good possibility that Ethereum would also eventually break out of this long reaccumulation zone ...," Cowen said in his new strategy session on YouTube. "Between $2,000 and $4,000 is the reaccumulation zone in my opinion. If we break out of that and head higher, that’s when things can get somewhat crazy. There’s no guarantee that we ever come back to these prices again if we go higher."

He also noted that the cryptocurrency's price broke over long sideways trading and is now ready to hit the $7,000-$8,000 price range. "If we do come out of this downtrend, let's say by the summer, and we come back up to the prior all-time highs, and then Ethereum breaks out, and we start trending higher, maybe we get up to the $7,000-$8,000 level and then we have to go sideways there for half a year," he said on the video.