Ethereum Surges Past Bull Flag Pattern with Targets Near $3050 and $3445

Ethereum has broken out of a bull flag pattern, sending its price soaring towards potential targets near $3050 and $3445.

The breakout occurred when ether rose above the September 11 high of $2661.52, according to the London Stock Exchange.

This level marks the cryptocurrency's exit from the 'bull flag' formation, which typically forms after a sharp rise followed by a consolidation phase.

The size of the pattern suggests an initial potential target of around $3050, with ether possibly entering a new consolidation phase in the $2775-$2825 range before reaching it.

Trading above the 10-day moving average provided additional support for the upward move, and ether is holding above a trendline drawn from the February high.

If the current momentum continues, ether could surpass the initial target of $3050 and reach the $3395-$3445 zone, which coincides with highs recorded in January and December.