Odaily News Ethereum's daily chart is forming a "bull flag" pattern, with prices consolidating in the $2,400 to $2,750 range, and the target resistance level is between $3,000 and $3,100. If it breaks through $2,600, it may rise to $3,600.
In addition, Ethereum is trying to reclaim the midline of the 2-week Gaussian Channel. Historically, ETH has seen sharp rises above this indicator, such as a 93% rise to $4,000 in 2023 and a 1,820% surge in 2020. Despite the failure in August 2022, crypto trader Merlijn pointed out that the 50-day SMA and the 200-day SMA formed a "golden cross", which may further enhance ETH's breakout momentum.
However, trader XO reminded that if ETH fails to break through $2,800 in the short term, it may enter a consolidation period of several weeks. Short-term support is around $2,150 and $1,900. (Cointelegraph)