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Ethereum’s Bullish Technical Indicators and Potential Breakout

CryptoQuant analyst Ibrahim Cosar recently published a technical analysis outlining a bullish scenario for $ETH . According to Cosar, Ethereum has formed a pattern known as a “bull flag,” suggesting a possible upcoming breakout.

A bull flag is a chart formation frequently interpreted by traders as indicative of continuing upward momentum after a period of consolidation. Ethereum’s price has oscillated within a defined range between $2,400 and $2,700 for nearly three weeks, creating favorable conditions for such a breakout.

Cosar also highlighted Ethereum’s sustained position above the 200-day Exponential Moving Average (EMA), a commonly monitored technical indicator. Historically, remaining consistently above this indicator has signified positive market sentiment and preceded significant price rallies.

Given Ethereum’s current position relative to this EMA, Cosar suggested a potential upward move toward a price range between $3,000 and $3,500 could soon materialize.