Ethereum price gained 90% the last time this indicator turned bullish

Ethereum $ETH $2,586 The price is consolidating between $2,400 and $2,750 on its daily chart, forming a bull flag pattern with sights on the $3,000 to $3,100 resistance zone. A bull flag is a continuation pattern that follows a sharp rally (black flagpole) to $2,730 from $1,900, with the current range forming the flag.

A bullish breakout above $2,600 could target $3,600, which is calculated by adding the flagpole height to the breakout point, but the immediate key area of interest remains between the resistance range at $3,100-$3,000.

The 200-day exponential moving average (EMA) supports the lower range. The relative strength index (RSI), although still near the overbought region, has significantly cooled over the past few days.

An ETH breakout with rising RSI and volume could confirm the bullish move, while a drop below $2,400 risks invalidating the pattern.