Ethereum Price Analysis: Potential Bullish Patterns and Resistance Levels

According to Odaily, Ethereum's daily chart is forming a 'bull flag' pattern, with prices consolidating between $2,400 and $2,750. The target resistance is set between $3,000 and $3,100. A breakthrough above $2,600 could potentially lead to a rise towards $3,600. Additionally, Ethereum is attempting to reclaim the midline of the 2-week Gaussian Channel. Historically, ETH has seen significant increases above this indicator, such as a 93% rise to $4,000 in 2023 and a 1,820% surge in 2020. Despite a failure in August 2022, crypto trader Merlijn highlights the formation of a 'golden cross' between the 50-day SMA and the 200-day SMA, which may further strengthen ETH's breakout momentum. However, trader XO cautions that if ETH fails to break above $2,800 in the short term, it may enter a consolidation phase lasting several weeks. Short-term support levels are around $2,150 and $1,900.