Summary
- According to analyst Ibrahim Cosar, Ethereum is likely to rise up to $3,500 in the short term due to the bull flag pattern.
- Ethereum has been trading above the 200-day Exponential Moving Average for 17 consecutive days, which is considered a strong bullish signal.
- Analysts expect that if Ethereum's price surge succeeds, it will positively impact the overall altcoin market's upward trend.
There is a claim that Ethereum (ETH) is likely to rise up to $3,500.
On the 28th (local time), CryptoQuant analyst Ibrahim Cosar (ibrahimcosar) stated in a report, "A bull flag pattern has appeared on the Ethereum chart," and "There is a high possibility of a short-term price breakout."
He also added, "Ethereum has been trading above the 200-day Exponential Moving Average (EMA) for 17 consecutive days," and "This is a strong bullish signal, similar to patterns observed just before major rallies in the past." Furthermore, he mentioned that Ethereum could rise up to $3,500. Cosar added, "Currently, Ethereum is showing a sideways movement in the $2,400 to $2,700 range," and "It could rise to $3,000 to $3,500 in the future."
Moreover, he expressed expectations for an overall upward trend in the altcoin market. The analyst said, "Ethereum is the heart of altcoins. When Ether rises, other alts tend to rise as well," and "If Ethereum succeeds in a price surge, a surge across the altcoin market is expected."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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