Analysis: Ethereum forms a bullish flag and is expected to break through $3600

Odaily Daily News: The daily chart of Ethereum is forming a "bull flag" pattern, with prices consolidating in the range of $2400 to $2750 and target resistance levels between $3000 and $3100. If it breaks through $2600, it may go up to $3600. In addition, Ethereum is attempting to recapture the median of the 2-week Gaussian Channel. In history, ETH has experienced significant increases above this indicator, such as a 93% rise to $4000 in 2023 and a surge of 1820% in 2020. Although there was a failure in August 2022, cryptocurrency trader Merlijn pointed out that the 50 day SMA and 200 day SMA formed a "golden cross", which may further enhance ETH's breakthrough momentum. However, trader XO reminds that if ETH fails to break through $2800 in the short term, it may enter a several week consolidation period. The short-term support level is around $2150 and $1900. （Cointelegraph）