Key Takeaways:
-
Ethereum forms a bull flag in the sun -day chart, with a potential breakout above $ 3,600.
-
If the ETH revoked the 2-week Gaussian channel mid-line, a 90% rally could occur.
Ethereum (Et) The price is combined with between $ 2,400 and $ 2,750 in its daily chart, forming a bull flag pattern with views of $ 3,000 to $ 3,100 resistance. A bull flag is a continuation pattern that follows a sharp rally (black flagpole) to $ 2,730 from $ 1,900, with the current range that forms the flag.
A bullish breakout above $ 2,600 can target $ 3,600, which is calculated by adding flagpole height to the breakout point, but the immediate major area of interest remains between the resistance resistance to $ 3,100- $ 3,000.
The 200-day exponential transfer of average (EMA) supports the lower incidence. The relative -child index (RSI), though close to the regional region, has been significantly cooled in recent days.
An ETH breakout with rising RSI and volume can confirm the bullish revolt, while a drop below the $ 2,400 risks that the pattern is incorrect.
Can the ether get the midline of the Gaussian channel?
On May 20, Ether presented a significant trend shift as he attempted to capture the mid-2-week Gaussian channel line, a technical indicator used to identify price trends. The Gaussian or normal channel distribution places price movements within a dynamic range, which fits the market volatility.
Historically, when the ETH crosses above this mid-line, significant rallies are often observed. In 2023, the ETH advanced 93% to $ 4,000 after a similar crossover, while in 2020, it scored 1,820%, which sparked a massive Altcoin rally.
Conversely, a similar setup in August 2022 led to an invalid during the market correction, highlighting the risks of relying solely on this indicator.
Also, Crypto trader Merlin mentioned A gold cross between 50-day SMA and 200-day SMA (simple average move), which can further strengthen an imminent ETH breakout. It is important to note that the Golden Cross is on a 12-hour chart, which is less reliable than a day chart.
Related: Bitcoin fractal assessments
Businessmen kept ahead of possible ‘range-bound environment’
Crypto Xo’s famous businessman mentioned The Ethereum is combined -included under a “decent” resistance level below the $ 2,800 mark. The entrepreneur expects a correction if ETH cannot break above $ 2,800 in the next few days. Said the analyst,
“I have been leaning against the price of a scope of bound environment for at least a few weeks to potentially longer, and once again a consumer.”
A controversial view of the bulls can also be followed with ETH prices that are oscillating under Fibonacci levels. Cointelegraph reported That ether recently retired 0.5 to 0.618 fib levels, which could trigger a short-term correction for ETH.
In this scenario, the immediate support area remains about $ 2,150 and $ 1,900, probably slowing down the bullish momentum for a long time.
Related: Why is the price of Ethereum (ETH) today?
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
