Yep, just make a new email address, sign out from your current shop and create a new account. You can link this new shop up to the same paypal account, so, if like me, you have 2 shops on 2 email addresses but only ever keep yourself logged into one email address (assuming that email address is the one you use for paypal) you'll always be notified easily of a sale on either shop.
However, Etsy has a rule that if you have more than one account, you must list them all on each one. Just make sure that both shops are listed on both of your profiles and you won't have any trouble. Also, if you add the opposite shop into listing descriptions, you can cross promote.