On May 21, the ETH daily chart price consolidated between $2,400 and $2,750, forming a bullish flag pattern, with targets looking toward the resistance zone of $3,000 to $3,100. The bullish flag is a continuation pattern, with the price previously rising rapidly from $1,900 to $2,730 (forming the flagpole), and the current price range constituting the flag.
If the price breaks through $2,600, it could further rise to $3,600 (calculated by adding the flagpole height to the breakout point). The key resistance area is between $3,000 and $3,100. The 200-day exponential moving average (EMA) provides bottom support for the price. The Relative Strength Index (RSI), while still close to the overbought zone, has clearly cooled in recent days. If ETH breaks through with an rising RSI and increased trading volume, it may confirm a bullish trend; falling below $2,400 could invalidate the flag pattern.
Additionally, crypto trader Merlijn noted that the 50-day simple moving average (SMA) and 200-day SMA formed a golden cross on the 12-hour chart, which may further support the possibility of ETH breaking through. However, it should be noted that the golden cross on the 12-hour chart is less reliable compared to the daily chart.
