The daily timeframe chart shows that the price of Ether has been on an unrelenting uptrend after falling to $1,382 in April when most tokens plummeted.
It recently jumped and crossed the important point of $4,097, where it formed a triple top pattern last year. Overcoming that price was a highly bullish catalyst for the coin, as it indicated that there were bulls willing to take risks.
The price of Ethereum confirmed the breakout upwards by retesting its price. Currently, it is forming a bullish pennant pattern, which typically generates greater gains over time.
The price of Ether remains above all moving averages and is slightly below the maximum resistance of the Murrey mathematical lines.
Therefore, the most likely forecast for the price of ETH is bullish, with a key target price of $6,250, the extreme overbought level of the Murrey Mathematical Lines. A move to that level would represent a 37% increase.
On the other hand, a drop below the important support level at $4,097 would invalidate the bullish forecast and point to further declines.