[Ethereum crosses $3,000 in bullish pennant formation]
Ethereum price continues to climb and is poised to challenge the upper trendline as the overall crypto market remains bullish. Its bull run continues despite a slight sell-off earlier this month. Ethereum (ETH) has gained 13.54% in the past seven days and is currently trading at $2,627, having corrected slightly by 1.03% in the past 24 hours.
Looking at the daily chart, Ethereum price is showing a strong bullish recovery, rising 22.19% from the lows of $2,150 over the past 19 days. Currently, the price is finding support at the 50-day EMA and is expected to rise towards the 100-day EMA at $2,784.
According to data from Crypto Quant, Ethereum’s funding rate has recovered to 0.01 after falling in early September, indicating increased buying activity among futures traders and increasing bullish sentiment in the market.
On the 4-hour chart, a breakout of the triangle pattern shows a bullish flag pattern. The 50-day and 100-day moving averages have formed a golden cross, and the 100-day and 200-day moving averages are also close to the intersection, indicating that the price may break through the upper resistance and challenge the resistance levels of $2,795 and $3,173. Lower support is near $2,533 and $2,353.