- Ethereum trades at $2,544 within a bull flag, targeting a breakout near $3,000-$3,100.
- Key support lies between $2,200-$2,500; breaking below risks testing $1,900 again.
- Technical signals like the Golden Cross suggest strong bullish momentum toward $3,000 soon.
Ethereum is currently trading at $2,544, consolidating within a range of $2,400 to $2,750. This zone on the daily chart reflects a classic bull flag pattern, a continuation signal that often precedes strong upward momentum. Traders are eyeing a potential breakout, which could propel ETH toward higher resistance levels.
The flag pattern arises from Ethereum’s prior rally, with analysts predicting a target range of $3,000 to $3,100. This zone serves as a significant psychological and technical barrier. A breakout beyond this threshold could spark further bullish momentum and increase investor confidence in Ethereum’s next directional move.
Crucial Support Zone Between $2,200-$2,500
Crypto analyst Martinez pointed out that the next major resistance for Ethereum is at $3,100, while support is at $2,233. Traders monitor all those levels to determine breakouts and control risk. If ETH sustains above the support, it will resume its upward push toward $3,000, catching the same rhythm as the market.
However, the breakdown below this support would precipitate further downfall, putting the $1,900 level in checks. Therefore, the $2,200 to $2,500 area is an important battleground for the bulls fighting to advance prices.
Additionally, Martinez pointed out that Ether’s technical strengths, combined with broader market trends, could propel its price beyond $3,000. Based on MVRV’s rising price bands, bulls may push the price as high as $4,000. These key support and resistance zones underscore significant patterns from the market’s past.
Ethereum Price Targeted at $3,000 Soon
Ethereum’s price began a downward correction, slipping below the $2,500 mark. It dropped past the $2,480 and $2,460 support levels, but buyers showed strength around $2,450.
Currently, Ethereum is trading above the 100-hour Simple Moving Average and $2,520. A bullish trend line with support situated at $2,500 on the hourly ETH/USD chart.
Upside resistance may appear near $2,555, close to the 76.4% Fibonacci retracement of the recent decline. Further resistance lies around $2,585, with a major barrier at $2,620. Clearing $2,620 could push the price toward $2,650. A break above $2,650 may lead to further gains, potentially targeting $2,720 or even $2,800 in the near term.
Read More: Ethereum Stuck in Range: Will It Break $2,800 or Fall to $1,500?