Ether has broken above a bull-flag formation after trading sideways for about a month following a late-August rally of more than 30%, according to technical analysis by Reuters market analyst Christopher Romano. According to NS3.AI, the breakout above the September 11 high of $2,661.52 points to a target of $3,050, although ether may first consolidate between $2,775 and $2,825.

The analysis also says further gains could extend to $3,395 to $3,445. On the downside, a move below $2,560/65 or $2,350/60 would weaken or end the rally.