$ETH ETH is trading at $2,470, down 2.64% over 24 hours but up 2.37% across the week, consolidating after a 37% rally over ten days – creating what technical analysts are calling a bull flag. Reuters analysis puts the target aroun $3050, close to an old resistance zone between $3,040 and $3,060.
A bull flag forms when a sharp move higher is followed by a quieter period of consolidation – the theory is that buyers are catching their breath rather than leaving the market entirely. In Ethereum’s case, a drop below roughly $2,350-$2,360 would damage that setup, while upcoming U.S. inflation data remains another obvious test.
No chart pattern can announce the next bull run in advance. But after ETH climbed 37% in less than two weeks, traders once again have reasons to look beyond the largest coins.
A bull flag forms when a sharp move higher is followed by a quieter period of consolidation – the theory is that buyers are catching their breath rather than leaving the market entirely. In Ethereum’s case, a drop below roughly $2,350-$2,360 would damage that setup, while upcoming U.S. inflation data remains another obvious test.
No chart pattern can announce the next bull run in advance. But after ETH climbed 37% in less than two weeks, traders once again have reasons to look beyond the largest coins.