Ethereum Price Consolidates at $2,450 as Bull Flag Takes Shape

Ethereum's price has consolidated at around $2,450 after a sharp weekly rally that stalled below $2,550.

The 4-hour chart of Ethereum shows a potential bull flag forming, which could decide the next major move for the cryptocurrency. This structure can develop into a bull flag when it follows a strong advance, and confirmation would require Ethereum to close above its channel's upper boundary, currently located around $2,510 to $2,530.

Crypto analyst Ted Pillows identified this area as the main barrier to another leg higher, saying that Ethereum needs a weekly close above $2,550 to open up a possible move toward $3,000. However, the current chart does not confirm this target because Ethereum remains below its breakout level.