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Ethereum Eyes ATH Levels Again, Bull Flag Points to $6,900 Run

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Ethereum is buying and selling shut to $4,500 after a powerful weekly acquire of greater than 13%. Analysts are monitoring a number of bullish chart setups, with projections starting from $5,500 to nearly $7,000 if momentum continues. 

Consequently, the main focus now’s whether or not ETH can break resistance close to its all-time high and transfer into value discovery.

Bull Flag Pattern Points Toward $6,900

Titan of Crypto shared a weekly chart displaying ETH forming a bull flag. The sample has developed after a pointy rally from about $2,500 to above $4,500. A bull flag is called a continuation setup, the place the value consolidates downward earlier than resuming greater.

According to the evaluation, a confirmed breakout above the flag’s resistance might venture a transfer to round $6,900. The goal is predicated on the peak of the earlier rally, often called the flagpole, added to the breakout degree. ETH remains to be consolidating, so a transparent breakout can be wanted earlier than the transfer is validated.

Retest of $4,100–$4,200 Remains Key

Cas Abbé posted a chart displaying ETH breaking and retesting the $4,100–$4,200 zone, which has now become assist. Retests of this sort are sometimes seen as constructive affirmation, particularly when paired with sturdy shopping for quantity.

Cas Abbé wrote, 

“Ethereum might go down and retest $4,100–$4,200 degree once more earlier than a brand new ATH.” 

They additionally shared a short-term goal of between $5,500 and $6,000 by November. Fibonacci extension ranges from his chart level to $5,994 and $6,200 as the following upside zones if the assist holds.

Ethereum (ETH) price chart
Source: Cas Abbé/X

Ethereum vs Bitcoin Rotation Setup

Merlijn The Trader in contrast ETH’s efficiency towards Bitcoin on the weekly chart. The pair has been in an extended re-accumulation section since 2018, comparable to situations that preceded Ethereum’s surge in 2017.

The evaluation means that if ETH/BTC breaks greater, Ethereum might start a brand new section of outperformance, this time with added participation from institutional buyers.

Testing Resistance Near Previous Highs

CW shared a 3-day ETH/USD chart that locations Ethereum slightly below its prior all-time high between $4,800 and $4,900. ETH has maintained a powerful uptrend from the lows of 2022, with the current pullback trying minor in contrast to the broader development.

CW noted, 

“$ETH will rise past ATH and go to the moon.” 

Ethereum (ETH) price chart
Source: CW/X

Indicators on the chart present ETH has been overbought within the quick time period, which can lead to sideways motion or a pause. Still, a breakout above $4,900 would push ETH into new territory with room for additional beneficial properties.

The put up Ethereum Eyes ATH Levels Again, Bull Flag Points to $6,900 Run appeared first on CryptoPotato.

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