Ethereum Aims for All-Time Highs Again as Bull Flag Indicates Potential $6,900 Surge
Ethereum is trading close to $4,460 following a sharp weekly gain, with analysts forecasting targets between $5,500 to $6,900 amid bullish setups.
Ethereum Aims for All-Time Highs Again as Bull Flag Indicates Potential $6,900 Surge
Ethereum is currently priced around $4,460 after achieving a significant 13% weekly growth. Analysts anticipate a bullish trend with targets projected between $5,500 and $6,900 if the current momentum continues.
Bull Flag Pattern Points Toward $6,900
A Twitter user, Titan of Crypto, highlighted a weekly chart that demonstrates Ethereum forming a favorable bull flag pattern. This chart reflects a notable surge from approximately $2,500 to above $4,500. A bull flag typically indicates a consolidation phase followed by a price breakout.
"#Ethereum Bull Flag 🎯"
Weekly bull flag pattern forming on $ETH. A breakout could send price toward $6,900 🚀 (Titan of Crypto, link)
Given the current bullish sentiment, a confirmed breakout above the flag’s resistance level could guide Ethereum’s price towards $6,900.
Key Retest Levels: $4,100–$4,200
Cas Abbé posted insights on a chart showcasing Ethereum retesting the $4,100–$4,200 range, which has turned into a supportive area in recent weeks. This kind of retest often signals a robust confirmation, especially if strong buying activity accompanies it.
“Ethereum might dip and retest the $4,100–$4,200 level again before seeing a new all-time high.”
Cas Abbé also provided short-term projections, estimating Ethereum could rise between $5,500 and $6,000 by November, based on Fibonacci extension levels indicating upward potential.
Ethereum vs Bitcoin: A Technical Perspective
Merlijn The Trader compared Ethereum’s performance against Bitcoin, noting that both assets are entering a crucial re-accumulation phase, much like conditions leading up to Ethereum’s previous surge in 2017.
“ETHEREUM VS BITCOIN IS LOADING ITS BIGGEST ROTATION IN 8 YEARS.”
Closing Thoughts
Ethereum’s recent price movements indicate a potential breakout as it nears previous high levels. Analysts are keen to see if ETH can transcend its historical resistance points and maintain its upward trajectory in the ever-evolving crypto landscape.
