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Ethereum Price Forms Flag And Pole Pattern For Possible Breakout, New Targets Emerge
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Ethereum Price Forms Flag And Pole Pattern For Possible Breakout, New Targets Emerge

Scott Matherson
Scott Matherson
5 months ago
3 mins read
Ethereum

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Crypto analyst Kartik has revealed a technical pattern that has formed for the Ethereum price, indicating a possible breakout may be on the horizon. The analyst further revealed the new targets that have emerged for ETH due to the bullish pattern. 

Ethereum Price Forms Flag And Pole Pattern

In a TradingView post, Kartik revealed that the Ethereum price had formed a flag and pole pattern, indicating that ETH could be set for a breakout. The analyst noted that this pattern has formed while Ethereum is currently on a downtrend from the $4,100 resistance level. In line with this, he revealed targets to watch out for following the formation of this pattern. 

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Kartik stated that the next strong support level is at $2,800. He added that the Ethereum price could see a positive move from either a breakout of the trendline or support at the $2,800 level, or both could co-occur. The analyst also advised market participants to wait for things to play out before making any decisions. 

Ethereum
ETH faces extended downtrend | Source: Kartik on Tradingview.com

The analyst’s accompanying chart showed that the Ethereum price could rebound from the support level at $2,800 and rally to $3,600. The chart also showed that Ethereum could even rally to as high as $4,000. Meanwhile, ETH could face some resistance at around $4,100 as it targets higher prices. A break of the $4,100 resistance could lead to a further rally to $4,400. 

Crypto analyst Titan of Crypto also provided a bullish outlook for the Ethereum price, stating that a breakout is imminent. This came as he remarked that ETH was on the verge of breaking out from a falling wedge pattern. Crypto analyst Mikybull Crypto also stated that the ETH breakout seems very close, which could send its price to $4,000. 

ETH To Reach $5,000 Thanks To These Fundamentals

In an X post, crypto analyst Ted predicted that the Ethereum price will reach $5,000 before April this year. The analyst alluded to ETH’s fundamentals to prove why such a parabolic rally is possible for the second-largest crypto by market cap. First, he mentioned the fact that Donald Trump’s World Liberty Financial is buying and staking ETH, which is bullish for Ethereum. 

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Ted further mentioned the launch of Etherealize, which will help onboard institutions. This move could increase the inflows into the ETH ETFs, which is a positive for the Ethereum price. The analyst also mentioned the Pectra upgrade, which is coming in March 2025. Alongside these bullish fundamentals, he noted that sentiment is at an all-time low, which he claimed is the best signal for reversal. 

At the time of writing, the Ethereum price is trading at around $3,130, down almost 6% in the last 24 hours, according to data from CoinMarketCap.

Ethereum
ETH trading at $3,106 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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