Analysis: Ethereum forms a bullish flag pattern, a breakout above $3,600 is expected
This article is machine translated
Show original
Odaily Planet News - The Ethereum daily chart is forming a "bull flag" pattern, with prices consolidating in the range of $2,400 to $2,750, and the target resistance level is between $3,000 and $3,100. If it breaks through $2,600, it may rise to $3,600. Additionally, Ethereum is attempting to reclaim the midline of the 2-week Gaussian Channel. Historically, ETH has experienced significant increases above this indicator, such as a 93% rise to $4,000 in 2023 and an even more dramatic 1,820% surge in 2020. Despite a failure in August 2022, crypto trader Merlijn noted that the "golden cross" formed by the 50-day SMA and 200-day SMA could further enhance ETH's breakthrough momentum. However, trader XO warns that if ETH fails to break through $2,800 in the short term, it may enter a consolidation period lasting several weeks. Short-term support levels are around $2,150 and $1,900. (Cointelegraph)
Sector:
Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments
Share




