ETH Bull Flag Targets $3,050 as Oil Prices Hit $100
Ethereum has been consolidating around $2,470 after a sharp rebound in late August, but this recent slowdown may be setting up for a larger move. A fresh Reuters technical analysis identified a bull flag pattern in Ether's price action, which points to a potential target of $3,050 if the current consolidation breaks out.
The bull flag was formed after Ethereum rallied 37% in 10 days and peaked at $2,564. According to the analysis, the height of this advance suggests a potential move to $3,050, with the $3,040-$3,060 region previously acting as resistance.
Ethereum has already cleared levels that were considered difficult just weeks ago. Coinpaper's earlier analysis highlighted improving relative strength against Bitcoin, while another recent report showed Ethereum jumping above $2,400 as institutional demand returned.