ETH, like the market as a whole, rebounded from the local minimum, but still failed to reach a higher long-term local minimum. Currently the price is still in a bull flag, which should eventually be ended by breaking the resistance. For now, however, we continue to structure. Where is another target?
Market price ETH is currently in the middle of the flag and in the short term can create a local maximum here. However, if the upward trend continues, resistance and target are located at a level of about $ 3,650. This is a long-term level and, in addition, the resistance of the flag itself is located in this zone.
ETH continues in the flag
We will probably not get to the mentioned resistance immediately, but the price will be accompanied by smaller declines. If a deeper correction happens, it will be important reach a minimum below $ 3,000. Then we could start thinking about reversing the trend and then overcome resistance flags.
At the moment, I don’t see it yet to break the resistance of the flag on the first try. It is, of course, possible, but in the current situation, creation is also at stake sideway structure, where resistance with support will be so close that the flag will eventually end. However, the trend would have to be in such a scenario bull market.