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$ETH price bull flag is still in play

From a technical perspective, $ETH price is still trading above a bull flag pattern in the four-hour timeframe, a bullish setup that forms after the price consolidates inside a down-sloping range following a sharp price rise.

The bull flag was confirmed on May 13 when the price broke above the upper trendline at $2,550. Ether is now retesting the upper boundary of the flag, currently at $2,470, which is acting as immediate support.

A daily candlestick close above this level could see the asset resume its uptrend toward the technical target of the bull flag at $3,720, up 50% from the current price.

Conversely, the RSI has dropped from 60 to 42 over the last 24 hours, suggesting that the ongoing correction may continue if profit-taking intensifies.

A daily candlestick close below the support level at $2,470 will increase the chances of a price drop to $2,400 and then to the flag’s lower boundary at $2,300.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.