Ethereum’s bullish Flag Pattern Signals Potential new Highs
Ethereum’s price has formed a significant bullish flag pattern.A confirmed breakout could push ETH to new all-time highs.
ETH price is down about 9% after failing to break $4,700 resistance. A multi-month bull flag pattern has formed on the weekly chart.
On October 9, ethereum’s price fell 4% to $4,329. This drop happened after bulls couldn’t push past the $4,600 level.the token is now 9% below it’s weekly high of $4,753. This high was reached on Tuesday due to project-specific news and a broader crypto market rally.
The rally was partly driven by October’s historically bullish sentiment for cryptocurrencies. Strong inflows into spot Ethereum ETFs and expectations of dovish central bank policies also helped. However,on October 7,Ethereum couldn’t break $4,700 for the second time in 30 days. This led to a pullback.
ETH has now formed a giant bullish flag pattern on the weekly chart.This pattern often signals a pause before the next price rise. ETH is trading above all key moving averages, showing continued strength.
The RSI reading of 61 suggests ETH has room to grow before becoming overbought.On the daily chart, a golden cross confirms long-term bullish momentum.
The key resistance for ETH is $4,500. A clean breakout could push ETH toward $5,000 and potentially $8,100. However, ETH must hold the $4,250–$4,300 support zone to maintain its bullish setup. A break below this range could lead to a deeper correction.
