Ethereum Price Prediction: the completion of flag pattern set ETH for an extended recovery. Time to buy
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Ethereum Price Prediction: During a robust bull run spanning from November 2022 to April 2023, followed by a corrective phase, the ETH coin has now formed a bullish flag pattern in the daily timeframe—a technical setup often seen as a consolidation before a potential continuation of an uptrend. This pattern’s emergence aligns with the current market recovery sentiment, with Ether breaking above the pattern’s upper trendline on November 5th, suggesting the possibility of an imminent strong upward movement.
Is ETH Price Ready to Surpass $2000?
- A flag pattern is often spotted at an established uptrend offering buyers a temporary break before the next rally
- A bullish breakout from the chart set ETH price for a potential 22% jump
- The intraday trading volume in Ether is $8.6 Billion, indicating a 22% gain.
The bullish flag on the Ethereum price chart has been clearly defined over seven months, with the coin’s price oscillating between the pattern’s converging trendlines.
Notably, this altcoin price has bounced off the pattern’s upper boundary twice and its lower boundary four times, demonstrating its strong influence on the market’s psyche. The last bounce from the lower boundary occurred on October 13th, sparking a 25% rally to the present price of $1911.
This upward movement was accompanied by a decisive break of the resistance trendline, signaling a potential conclusion to the correction trend. Currently, with a modest 1% daily gain, the ETH price is positioned favorably after the resistance breakout, poised to target the $2340 mark, which would represent a 24% upside.
Furthermore, the projection from the flag’s pole hints that the climb could extend toward the significant $3000 mark.
ETH vs SOL Performance
Source: Coingape| Ethereum Vs Solana Price
The last three months’ price period accentuates that Solana price recovery has outperformed the second-largest cryptocurrency Ethereum. From mid-October, the SOL price picked up aggressive bullish momentum, which led to parabolic growth in the last three weeks, However, the ETH price is making a steady yet slow recovery trying to sustain its higher ground.
- Super Trend: A green film projected in the daily chart of this trend-defying indicator reflects a bullish sentiment in the market.
- Average Directional Index: The daily ADX slope at a high of 50% reflects ETH price may witness some occasional pullback to keep sustaining high bullish momentum.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.