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Ethereum Price Forms Flag And Pole Pattern
Crypto analyst Kartik has revealed a technical pattern that has formed for the Ethereum price, indicating a possible breakout may be on the horizon. The analyst further revealed the new targets that have emerged for ETH due to the bullish pattern.
Flag and Pole Pattern
In a TradingView post, Kartik revealed that the Ethereum price had formed a flag and pole pattern, indicating that ETH could be set for a breakout. The analyst noted that this pattern has formed while Ethereum is currently on a downtrend from the $4,100 resistance level.
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Kartik stated that the next strong support level is at $2,800. He added that the Ethereum price could see a positive move from either a breakout of the trendline or support at the $2,800 level, or both could co-occur. The analyst also advised market participants to wait for things to play out before making any decisions.
The analyst’s accompanying chart showed that the Ethereum price could rebound from the support level at $2,800 and rally to $3,600. The chart also showed that Ethereum could even rally to as high as $4,000. Meanwhile, ETH could face some resistance at around $4,100 as it targets higher prices. A break of the $4,100 resistance could lead to a further rally to $4,400.
Ethereum to Reach $5,000 Thanks to These Fundamentals
In an X post, crypto analyst Ted predicted that the Ethereum price will reach $5,000 before April this year. The analyst alluded to ETH’s fundamentals to prove why such a parabolic rally is possible for the second-largest crypto by market cap.
Fundamentals
Donald Trump’s World Liberty Financial
Ted mentioned that Donald Trump’s World Liberty Financial is buying and staking ETH, which is bullish for Ethereum.
Ethereum’s Fundamentals
Ted mentioned the launch of Etherealize, which will help onboard institutions. This move could increase the inflows into the ETH ETFs, which is a positive for the Ethereum price. The analyst also mentioned the Pectra upgrade, which is coming in March 2025. Alongside these bullish fundamentals, he noted that sentiment is at an all-time low, which he claimed is the best signal for reversal.
Conclusion
In conclusion, the Ethereum price is forming a flag and pole pattern, indicating a possible breakout may be on the horizon. The analyst has revealed new targets that have emerged for ETH due to the bullish pattern. Additionally, crypto analyst Ted has predicted that the Ethereum price will reach $5,000 before April this year, citing fundamentals such as institutional onboarding and the Pectra upgrade.
FAQs
Q: What is the current Ethereum price?
A: The current Ethereum price is around $3,130.
Q: What is the flag and pole pattern in the Ethereum price?
A: The flag and pole pattern is a technical pattern formed by the Ethereum price, indicating a possible breakout may be on the horizon.
Q: What are the new targets that have emerged for ETH due to the bullish pattern?
A: The new targets include a possible rally to $3,600, and even to $4,000.
Q: What are the fundamentals that support the Ethereum price reaching $5,000?
A: The fundamentals include institutional onboarding, the Pectra upgrade, and the fact that sentiment is at an all-time low, which is the best signal for reversal.
