Ethereum on the brink of a potential price explosion: Technical indicators depict strong bullish scenarios

The daily chart for Ethereum shows the formation of a "bullish flag" pattern, which often indicates a continuation of the upward trend. After a strong rise from $1,900.90 to $2,730, the price entered a consolidation phase between $2,400.90 and $2,750. A breakout above $2,600.90 could open the door towards $3,000.90 and then $3,600.

Technical indicators support this scenario, as the 200-day exponential moving average provides strong support, and the Relative Strength Index (RSI) has dropped from overbought levels, indicating an opportunity for further rise. Notably, Ethereum's attempt to break through the middle of the Gaussian channel – a signal historically associated with massive rallies previously reaching over +1,800%.

However, caution is required, as failure to surpass $2,800.90 could bring the price back into the range of fluctuations, with strong support around $2,150.90 and $1,900.

Summary:

If the positive indicators persist, Ethereum could be in for a strong jump. But vigilance and caution are still required in case the breakout fails #ETHETFsApproved #BTC110KToday?