Ethereum has been on the rise since March following the cryptocurrency market crash. The Ethereum price managed to gain 170% and formed a steady uptrend, followed by a 6-week consolidation and continued uptrend. The ETH/USD pair traded in the range of $220- $250 for 6-weeks. And only at the beginning of this week, it was able to move up from this range.
If you look at the daily chart of the ETH/USD pair, you can see that the pair has formed a rising flag. Accordingly, further growth can be expected after leaving the flag. The bullish flag was also confirmed by a recovery below the downtrend by less than 50 percent.
Thanks to the bullish move this week, the ETH/USD pair was able to set its new high of $282,60 after the March decline. However, in March, the $285 level provided the pair with sufficient resistance and did not allow it to rise higher. This time, the ETH/USD pair will also face strong resistance, as selling pressure increases around $280.
Now the ETH/USD pair needs to gain a foothold above the $280 level. Until then, there is a risk that the pair could start a correction and re-enter the flag range. If the ETH/USD pair breaks the $280 mark, the bulls will try to test the $300 level.
However, according to technical analysis, the breakout after the flag must match the pole of the flag. But in this case, the ETH/USD pair should rise by 170%, to the $740 area.
On the daily chart of the ETH/USD pair, you can see a downward correction to the $175 area on May 10. This was followed by an increase in the area of $250 to June 2. In this case, the growth is 41%. This means that according to technical analysis, the ETH/USD pair may rise to the $385 area.