According to Cointelegraph, Ethereum is forming a bull flag pattern on the daily chart, with prices consolidating between $2,400 and $2,750, targeting the resistance area of $3,000 to $3,100. If it breaks through $2,600, it could reach $3,600.
On May 20, Ether attempts to return to the midline of the 2-week Gaussian channel, a move that has historically been accompanied by significant increases. After a similar breakout in 2023, ETH rose 93% to $4,000.
Crypto trader Merlijn pointed out that the 50-day and 200-day SMA are forming a golden cross, which may further drive ETH to break out, but it should be noted that this golden cross is on the 12-hour chart, making it less reliable.
Trader XO believes that if ETH fails to break through $2,800, it may enter a range-bound environment, with short-term support levels at $2,150 and $1,900.
