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Ethereum Price Prediction: Amid a vigorous bull market that stretched from November 2022 through April 2023, the Ethereum coin entered a consolidation phase, characterized by the formation of a bullish flag pattern on the daily chart. This chart setup is formed to recuperate exhausted bullish momentum before the buyers take the leap. Coinciding with the market’s current recovery mood, the ETH price gave a decisive breakout from the upper boundary of this pattern on November 5th. This breakout hints at the potential for a substantial rally in the near term.
Also Read: Ethereum Price Under Pressure As $400 Million Of Open Interest Wiped Out
Is ETH Price Ready to Surpass $2000?
- A flag pattern is often spotted at an established uptrend offering buyers a temporary break before the next rally
- A bullish breakout from the chart set ETH price for a potential 22% jump
- The intraday trading volume in Ether is $8.6 Billion, indicating a 22% gain.
Source- Tradingview
The bullish flag on the Ethereum price chart has been clearly defined over seven months, with the coin’s price oscillating between the pattern’s converging trendlines.
Notably, this altcoin price has bounced off the pattern’s upper boundary twice and its lower boundary four times, demonstrating its strong influence on the market’s psyche. The last bounce from the lower boundary occurred on October 13th, sparking a 25% rally to the present price of $1911.
This upward movement was accompanied by a decisive break of the resistance trendline, signaling a potential conclusion to the correction trend. Currently, with a modest 1% daily gain, the ETH price is positioned favorably after the resistance breakout, poised to target the $2340 mark, which would represent a 24% upside.
Furthermore, the projection from the flag’s pole hints that the climb could extend toward the significant $3000 mark.
[converter id=”eth-ethereum” url=”https://coingape.com/price/converter/eth-to-usd/?amount=1″]
ETH vs SOL Performance
Source: Coingape| Ethereum Vs Solana Price
The last three months’ price period accentuates that Solana price recovery has outperformed the second-largest cryptocurrency Ethereum. From mid-October, the SOL price picked up aggressive bullish momentum, which led to parabolic growth in the last three weeks, However, the ETH price is making a steady yet slow recovery trying to sustain its higher ground.
- Super Trend: A green film projected in the daily chart of this trend-defying indicator reflects a bullish sentiment in the market.
- Average Directional Index: The daily ADX slope at a high of 50% reflects ETH price may witness some occasional pullback to keep sustaining high bullish momentum.
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