Bullish flag suggests more strength in ETH/USD price.

  • Ethereum is forming two bullish flag patterns
  • Both patterns’ measured moves indicate a new yearly high
  • A move to $2600 would confirm the biggest bullish flag

Despite ongoing scandals affecting the industry, the cryptocurrency market remains resilient. Investors still believe in the potential of the leading cryptocurrency. As a result, Bitcoin, Ethereum, and other coins are trading close to their 2023 high.

Bitcoin recently reached a new high for the year, but Ethereum did not. Therefore, if Bitcoin is leading, Ethereum should follow suit.

Interestingly, technical analysis reveals the presence of two bullish flag patterns. Both patterns suggest new yearly highs, so any downward movement should be approached cautiously.

Chart of Ethereum provided by TradingView

$2,000 presents strong resistance

The market recently failed at the $2,000 level. Despite reaching a new yearly high, the bears sold at this round level, causing the price to quickly drop to $1,600.

However, the price action did not break the series of higher lows. Additionally, two bullish flag patterns are visible, with measured moves projecting above $2,000.

The largest pattern, depicted in black, indicates a move to $2,600. The smaller pattern suggests a move to $2,200.

In both cases, this implies that Ethereum will reach a new high for the year, and as long as the price action remains above $1,600, the bias remains bullish.

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