- Ethereum Forms Two Bullish Flag Patterns
- Movements in both pattern readings mark new annual highs
- Rise to $2600 Will Confirm Maximum Bullish Flag
Despite the ongoing scandals affecting the industry, the cryptocurrency market remains resilient. Investors still believe in the potential of major cryptocurrencies. As such, Bitcoin, Ethereum and other coins are trading near his 2023 highs.
Bitcoin recently hit new all-time highs, but Ethereum did not. So if Bitcoin is leading, Ethereum should follow.
Interestingly, the technical analysis shows two bullish flag patterns. Both mark new highs for the year. Any downside movement should be taken with a grain of salt.
Ethereum Charts by TradingView
$2,000 Offers Strong Resistance
The market recently failed at the $2,000 level. Despite setting new highs for the year, the bears sold the round levels and the price quickly fell to $1,600.
However, in doing so, it failed to break out of the high-low series. We also see two bullish flag patterns indicating price action above $2,000.
The largest pattern shown in black above shows a move up to $2,600. The lowest goes up to $2,200.
In both cases, this means Ethereum will make new highs for the year, and the bias remains bullish as long as the price action sustains above $1,600.