{"id":432036,"date":"2020-07-24T13:00:34","date_gmt":"2020-07-24T13:00:34","guid":{"rendered":"https:\/\/wncen.com\/?p=432036"},"modified":"2024-06-11T14:05:37","modified_gmt":"2024-06-11T14:05:37","slug":"ethereum-bull-flag-350-heres-why","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-bull-flag-350-heres-why\/","title":{"rendered":"Ethereum Bull Flag Breakout Could Set Price En Route to $350; Here’s Why"},"content":{"rendered":"
Ethereum behavior over the last four months continues to point to an overall jump to higher prices<\/a>.<\/p>\n The second-largest cryptocurrency (by market cap) surged by more than 200 percent from its mid-March nadir. Its rally meanwhile saw a parabolic upside move, followed by an overstretched period of consolidation, and an uptrend continuation later.<\/p>\n The entire pattern resembles that of a Bull Flag<\/a>, a technical indicator that occurs as a brief pause after an asset’s significant price jump. The preceding uptrend is called a Pole \u2013 as in a flagpole, while the Bull Flag resembles a flag tied on the pole itself.<\/p>\n <\/p>\n ETH confirmed the Bull Flag only after its price broke above its downward sloping consolidation, as shown via red in the chart above. Other factors that confirmed the pattern included a preceding uptrend, lesser than 50 percent downside retracement, and a move above the Flag resistance on rising volumes.<\/p>\n The move upside led Ethereum to establish its quarter-to-date high at circa $280. The said level, on multiple occasions in the past two years, capped the cryptocurrency from extending its bull runs. The only exception was in June 2019, whereby ETH\/USD broke above $280 to its YTD high at $363.18.<\/p>\n But the price fell back below it due to growing selling pressure across the cryptocurrency market.<\/p>\n Entering July 2020, ETH\/USD is now targeting $280 to confirm its Bull Flag breakout. Until then, the pair risks correcting lower \u2013 perhaps to enter the flag all over again. Ethereum bulls are hopeful<\/a> of a continuation rally towards $300, given the cryptocurrency’s growth in the decentralized space.<\/p>\n But for Bull Flag watchers, the ETH\/USD price target is beyond $300. Ideally, a flag-induced breakout should take the pair as high as the length of the pole that preceded the pattern. That puts Etherum’s breakout target around 200 percent higher \u2013 somewhere around $750.<\/p>\n At the same time, readjusting the pole’s length from May 12’s low of $175 to June 2’s high of $253 brings the breakout target in proximity.<\/p>\nEthereum pole and bull flag pattern stand confirmed. Source: TradingView.com<\/a><\/pre>\n
Prevailing Risks<\/h2>\n
Ethereum Upside Targets<\/h2>\n