Ethereum (ETH) has gone up by nearly 1% in the past 24 hours and currently stands at $2,535 after a few days of relatively muted price action.
The token’s post-Pectra rally encountered some selling pressure at the $2,750 level upon crossing the 200-day exponential moving average (EMA) in the daily chart.
Crypto trader Merlijn the Trader hinted at a bullish Ethereum price prediction on X as he spotted a ‘golden cross’ in the 12-hour chart. This is a bullish indicator that has recently produced strong gains in the near term for the top altcoin.
Ethereum price forecasts have been revamped lately after the successful implementation of the network’s Pectra upgrade.
This widely awaited revamp to the blockchain’s design has improved its efficiency and could make ETH a deflationary token as a portion of gas fees will now be burned to reduce its circulating supply.
Ethereum Price Prediction: Bull Flag Breakout Could Result in 45% Gain for ETH
Meanwhile, another continuation pattern has emerged in the past few days that could anticipate a bullish breakout that pushes ETH to at least $3,600.
Flat patterns are known as high-probability technical setups that occur after the price has experienced a strong bullish or bearish movement.
It indicates that the market is taking a pause to consolidate before resuming the previous move. In the case of ETH, this flag pattern has emerged after a robust uptrend that propelled the price from $1,800 to its current levels.
If a bullish breakout occurs, which in this case means that the price breaks above the upper bound of the flag at $2,600, the expected price movement is often estimated using the size of the flag’s pole as a reference.
For ETH, this means an upside potential of at least 45% that would take its price to $3,600 in the next few weeks.
The pattern’s bullish bias would be confirmed if the breakout occurs in combination with high trading volumes.
In addition, ETH could be about to deliver another strong buy signal as the 21-day EMA is nearing the 200-day EMA.
If the former crosses above the latter, a bullish signal known as a ‘golden cross’ will be triggered and this could result in major gains for the token in a relatively short period as well.
Like ETH, Bitcoin (BTC) has rallied above the $100,000 mark already. A new crypto presale called BTC Bull Token (BTCBULL) is gearing up to automatically deliver rewards to token holders once the price hits $125,000.
BTC Bull Token (BTCBULL) Allows Bitcoin Investors to Generate Passive Income
BTC Bull Token (BTCBULL) delivers different types of rewards to token holders as Bitcoin hits new price milestones.
Now that BTC has surpassed the $100,000 mark, the first of these milestones is closer than ever.
The system is quite simple. For every $25,000 that BTC adds to its price, either a portion of BTCBULL’s circulating supply will be burned or token holders will receive a direct airdrop of Bitcoin tokens.
With $6 million raised since the presale event was launched, the rewards pool has been fully funded to cover the first couple of milestone-based rewards.
To buy $BTCBULL and start earning passive income from Bitcoin’s rally, head to the BTC Bull Token website and connect your wallet (e.g. Best Wallet). You can either swap USDT or ETH or use a bank card to invest.
The post Ethereum Price Prediction: Bull Flag Points to $3,600 – But This One Indicator Could Push It to $5K appeared first on Cryptonews.
