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ETH analysis – the price confirmed the minimum, but it is far from the end of the flag

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ETH is still in a declining structure at the moment bull flag, after which the price should continue the rising trend. However, the question remains as to how long this flag will continue. The price is still reaching declining lows and does not indicate reversal. Nevertheless, the price went well bounce off the last low.

ETH confirmed the local minimum, but to definitively confirm the growing trend would have to exceed $ 4,450. Before the flag ends, the price is likely to go sideways and the first indication will be short-term rising lows. As we can see, in the case of volumes, bulls are waking up more.

ETH / USD 4HETH / USD 4H. Source: TradingView

ETH is still in the flag

If we want to think about the end of the flag, another condition is that the price must keep the last minimum and must not fall under it. The last minimum is at $ 3,640. Structure so far the current correction is quite common and its strength is still below 30%, which is also quite common.

In the long run, the price of ETH reaches higher local lows. This trend has been in place since March 2020 and has not been broken to date. Currently, the last long-term bottom is at $ 2,740, which is quite far from the market price, and even if the correction continues, the price has room to create growing minimum.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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