Analysis: Ethereum Forms Bullish Flag, Breakout Above $3600 Expected
Odaily Planet Daily News: The Ethereum daily chart is forming a "bull flag" pattern, with prices consolidating in the range of $2400 to $2750, targeting resistance at $3000 to $3100. If it breaks through $2600, it may rise to $3600.
Additionally, Ethereum is attempting to reclaim the midline of the 2-week Gaussian Channel. Historically, ETH has seen significant increases above this indicator, such as a 93% rise to $4000 in 2023 and a 1820% surge in 2020. Although there was a failure in August 2022, crypto trader Merlijn points out that the 50-day SMA and 200-day SMA have formed a "golden cross," which may further enhance ETH's breakout momentum.
However, trader XO warns that if ETH fails to break through $2800 in the short term, it may enter a consolidation period lasting several weeks. Short-term support is around $2150 and $1900. (Cointelegraph)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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