Ethereum (CRYPTO: ETH) settled on a bullish flag pattern on the daily chart. The bull flag pattern is created by a sharp rise in the height that forms the pole, followed by an integrated pattern that lowers the stock between channels with parallel lines.
- For bearish traders, the “trend is your friend” (unless it is) and stock prices can continue to fall for a short period of time within the next channel. Aggressive traders may decide to short a stock on the upper trend line and close the trade on the lower trend line.
- Bullish traders will want to monitor the upbreak from the uptrend line of mass flag formation for entry. If the stock breaks out of the bull flag pattern, the measured rise is equal to the length of the pole and should be added to the lowest price within the flag.
The bull flag is invalid if the stock closes the trading day below the low trend line of the flag pattern or if the flag is more than 50% below the length of the pole.
Reference: “The goal of cryptography is not to play games with millions of dollars of monkeys”: Ethereum founders take shots at the boring Ape Yacht Club
Ethereum Chart: On March 14, Ethereum closed at the upper trend line of the downward triangular pattern and split bullishly from the next day pattern. The rise from that day to March 18th, coupled with the almost sideways integration for the next few days, settled the cryptocurrency into a bullish flag pattern on the daily chart.
- The movement measured at the pattern break is almost 20%, indicating that Ethereum could soar towards the $ 3,400 level, the price at which crypto has not been traded since January 16th. increase. A flag displayed at a higher than average volume to indicate that the pattern has been recognized.
- If Ethereum breaks out of the bullish flag pattern, it could create a high above the March 18 high of $ 2,987. This further confirms the new uptrend that Benzinga called for on Sunday.
- Ethereum resistance is $ 3,057 and $ 3,240, and support is $ 2,890 and $ 2,609.
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Photo: Courtesy of Flickr’s CryptoWallet.com images
