Ethereum Price Forecast: Breaking the Flag Pattern Could Drive Price to $3,634,717,591.5

$92,231,558,042

ETH to Reach $3,600, but this indicator could push it to $5,000.

The price of Ethereum (Ethereum-ETH) rose by about 1% yesterday to currently trade at $2,535 after several days of relative stability. Its rally - following the Pectra update - faced selling pressure around $2,750 due to the stability of the 200-day Exponential Moving Average (EMA-200) on the daily chart at this level.

Meanwhile, crypto trader Merlijn the Trader hinted at positive price movement prospects for Ethereum in a post on platform X, where he observed a 'golden cross' formed by price movements on his 12-hour chart, providing strong and quick gains for investors in this leading altcoin. The formation of such patterns indicates that the market may undergo a phase of relative stability before resuming the previous price trend. In the case of ETH, this flag pattern emerged after a strong upward trend that pushed its price from $1,800 to its current levels. If a bullish breakout occurs that breaks the upper boundary of the flag pattern at $2,600, then the flagpole (the vertical side of the technical triangle) could serve as a reference for measuring the breakout target, meaning that ETH's price could rise by at least 45% and may drive its price towards reaching $3,600 in the coming weeks if the upper boundary of the pattern is confirmed to be broken, and the breakout is accompanied by strong trading volumes.