Ethereum

Ethereum Eyes ATH Levels Again, Bull Flag Points to $6,900 Run

4 weeks ago
Bitcoin Ethereum News

Ethereum trades near $4,460 after a 13% weekly gain. Analysts see bullish setups, with targets ranging from $5,500 to $6,900 if momentum holds.

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Ethereum is trading close to $4,500 after a strong weekly gain of more than 13%. Analysts are tracking several bullish chart setups, with projections ranging from $5,500 to almost $7,000 if momentum continues. 

Consequently, the focus now is whether ETH can break resistance near its all-time high and move into price discovery.

Bull Flag Pattern Points Toward $6,900

Titan of Crypto shared a weekly chart showing ETH forming a bull flag. The pattern has developed after a sharp rally from about $2,500 to above $4,500. A bull flag is known as a continuation setup, where the price consolidates downward before resuming higher.

According to the analysis, a confirmed breakout above the flag’s resistance could project a move to around $6,900. The target is based on the height of the previous rally, known as the flagpole, added to the breakout level. ETH is still consolidating, so a clear breakout would be needed before the move is validated.

Retest of $4,100–$4,200 Remains Key

Cas Abbé posted a chart showing ETH breaking and retesting the $4,100–$4,200 zone, which has now turned into support. Retests of this kind are often seen as positive confirmation, especially when paired with strong buying volume.

Cas Abbé wrote, 

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“Ethereum could go down and retest $4,100–$4,200 level again before a new ATH.” 

They also shared a short-term target of between $5,500 and $6,000 by November. Fibonacci extension levels from his chart point to $5,994 and $6,200 as the next upside zones if the support holds.

Ethereum (ETH) price chart
Source: Cas Abbé/X

Ethereum vs Bitcoin Rotation Setup

Merlijn The Trader compared ETH’s performance against Bitcoin on the weekly chart. The pair has been in a long re-accumulation phase since 2018, similar to conditions that preceded Ethereum’s surge in 2017.

The analysis suggests that if ETH/BTC breaks higher, Ethereum could begin a new phase of outperformance, this time with added participation from institutional investors.

Testing Resistance Near Previous Highs

CW shared a 3-day ETH/USD chart that places Ethereum just below its prior all-time high between $4,800 and $4,900. ETH has maintained a strong uptrend from the lows of 2022, with the recent pullback looking minor compared to the broader trend.

CW noted, 

“$ETH will rise beyond ATH and go to the moon.” 

Ethereum (ETH) price chart
Source: CW/X

Indicators on the chart show ETH has been overbought in the short term, which may lead to sideways movement or a pause. Still, a breakout above $4,900 would push ETH into new territory with room for further gains.

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Source: https://cryptopotato.com/ethereum-eyes-ath-levels-again-bull-flag-points-to-6900-run/