Summary
- Ethereum (ETH) has shown a bullish signal on technical analysis indicators, with projections suggesting it could rise up to $3600.
- The formation of a 'Bull Flag' pattern could provide upward momentum if it breaks above $2600.
- However, the $3000 to $3100 range could act as a major resistance level in the short term.
Ethereum (ETH) has shown a bullish signal on technical analysis indicators, with projections suggesting it could rise up to $3600.
On the 20th (local time), cryptocurrency specialist media Cointelegraph reported, "A 'Bull Flag' pattern is forming on Ethereum's daily chart," and "ETH is currently moving within the range of $2400 to $2750."
The media explained, "This is interpreted as a typical continuation pattern after Ethereum surged from $1900 to $2730, entering a flag-shaped correction phase," and analyzed, "If it breaks above $2600, there could be room for a rise up to $3600."
However, it added, "In the short term, the $3000 to $3100 range could act as a major resistance level."
Meanwhile, ETH is trading at $2493.35, down 0.92% from the previous day, as of 5:07 on the 21st, based on the Binance Tether (USDT) market.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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