ETH still continues in the long run bull flag, which should close in the future with a growing trend. The price has not succeeded yet and continues in the pattern. ETH failed to cross the resistance band point of control around the level of $ 4,100 and subsequently fell into a slight correction like the rest of the market.
As with many other altcoins, we need to create the same or rising short-term local minimum. The nearest support flag is at about $ 3,600, where the previous minimum is also located. The price should not fall below this level. The local minimum can create a higher price.
ETH is looking for a new minimum
If the price can create higher minimum, then we will see if it overcomes even the maximum between them and then can attack flag resistance. RSI indicates moderate oversold, which means that the local minimum is close, although the price may still fall to lower values.
The current correction did not reach even 30% and compared to the previous one is mild. It also applies in the long run there has been no change and the price reaches ever-increasing local lows. The previous long-term low is up to $ 2,800, which is quite far compared to the current market price.