ETH: POTENTIAL BULL FLAG FORMATION!!
Updated
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ETH is trading above the $3300 level which is quite a strong support. As you see in the chart, it is forming a bull flag-like structure in an 8-hour time frame and is currently, trading inside it. Once it breaks out from the bull flag we might see a good 30-40% rally to the upside.
Also, there is positive news that the SEC could approve spot Ethereum ETFs by July 4 so this definitely gives a good boost to ETH and Alts.
Entry range:- $3280-$3380
Targets:- $3900/$4200/$4600
Invalidation:- Close below $3250
What are your thoughts on ETH's current price action? Do you see a bullish pattern? Share your analysis in the comments below!
If you're enjoying this analysis, a thumbs up and follow would be greatly appreciated!
ETH is trading above the $3300 level which is quite a strong support. As you see in the chart, it is forming a bull flag-like structure in an 8-hour time frame and is currently, trading inside it. Once it breaks out from the bull flag we might see a good 30-40% rally to the upside.
Also, there is positive news that the SEC could approve spot Ethereum ETFs by July 4 so this definitely gives a good boost to ETH and Alts.
Entry range:- $3280-$3380
Targets:- $3900/$4200/$4600
Invalidation:- Close below $3250
What are your thoughts on ETH's current price action? Do you see a bullish pattern? Share your analysis in the comments below!
Note
Great call on ETH! Going perfectly so far. The price is currently up 5-6% from your entry point.
Here's what's happening:
Bull Flag Breakout: ETH successfully broke out of a bull flag pattern, which is a bullish technical indicator.
Retest Confirmed: The price retested the upper trendline of the flag and held, potentially adding confidence to the breakout.
What to watch:
Continued Upside: If the price can sustain momentum above the breakout zone, it could signal a further price increase.
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