ETH – Headed for $6000?

Ethereum is soaring above the major rising trendline to new all time highs.

Ethereum 1hour chart is respecting the trendline since mid-September. However, it once dropped below the trendline to $3901, call it a Bear Trap, after an attempt to break the previous all-time high in May. Ethereum is currently headed towards the $4600 mark at fib 1.272. A reversal to the major trendline is possible, followed by a bullish rally.

The breakout above the May All-Time High resistance (Red line) confirms a major Bullish trend that could take Ethereum to $6000.