Okay, crypto fam, let’s talk Ethereum. Things are heating up, and I’m seeing a seriously bullish pattern forming on the daily chart – a classic bull flag. We’ve been consolidating between $2,400 and $2,750, which is basically Ethereum gathering its strength for the next leg up.
Now, Cointelegraph is reporting the initial target is that $3,000 to $3,100 resistance zone, but I’m telling you, if we smash through $2,600, we’re looking at a potential surge to a jaw-dropping $3,600. Seriously, $3,600!
On May 20th, Ether made a play for the middle band of its two-week high, and history tells us that’s usually a very good sign. In 2023, a similar breakout saw ETH explode 93% all the way to $4,000! Don’t sleep on this, people!
But let’s not get ahead of ourselves. Experienced trader Merlijn is pointing out a golden cross forming between the 50-day and 200-day Simple Moving Averages (SMA). This should give ETH some juice. However, it is a 12-hour chart, so take is with a pinch of salt.
Here’s a little technical breakdown for ya:
A bull flag is a continuation chart pattern that signals the potential for a strong upward movement in price. It’s formed when the price consolidates in a narrow range after a significant upside breakout, resembling a flag on a pole.
The 50-day and 200-day SMA golden cross occurs when the shorter-term (50-day) moving average crosses above the longer-term (200-day) moving average. It’s often considered a bullish indicator suggesting positive momentum.
Trader XO is throwing a bit of cold water on the hype, warning that a failure to break through $2,800 could mean we’re headed for a period of choppy sideways trading. Key support levels to watch? $2,150 and $1,900. Don’t pretend like we hadn’t seen this before.
Look, this is crypto. Anything can happen. But right now, the signs are pointing up. Keep your eyes peeled and your bags ready!
