As seen in the above chart, the ETH price in the weekly chart has surged above the Gaussian channel, which is currently painted red. On the other hand, the weekly RSI has just entered the overbought zone, surpassing the upper threshold. Therefore, as the Gaussian channel turns bullish and the RSI settles in the overbought zone, the ETH price is believed to kick off a strong bull run to the initial target close to $6000.
Collectively, Ethereum is at the foothill of a massive explosion! The Google searches for the second-largest token just hit their highest level since 2021. Besides, 75% of the Polymarket users believe the ETH price is on track to hit a new ATH, which is just 5% away now. Moreover, hitting $5000 could liquidate $1.3 billion in shorts, which could further fuel a strong Altseason as well. Therefore, the Ethereum price rally has just begun and may outperform Bitcoin in the coming days.
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