Ether has traded between $2,400 and $2,750 for weeks, forming a textbook bull-flag pattern that, if confirmed, projects a move to roughly $3,600.
Support from the 200-day EMA underpins the range, and a rising relative-strength index suggests momentum could flip positive once price clears $2,600.
Gaussian Channel mid-line in focus
On 20 May ETH flirted with reclaiming the mid-line of its two-week Gaussian Channel, a level that preceded 90 % and 1,820 % rallies in 2023 and 2020, respectively.
Still, a similar crossover in August 2022 failed, reminding traders that patterns can invalidate swiftly.
Crypto analyst Merlijn also spotted a golden cross on the 12-hour chart, but cautioned that shorter-time-frame signals carry less weight than daily or weekly ones.
Range-bound scenario possible
Trader XO warned that failure to conquer $2,800 soon could usher in an extended consolidation period.
“I am leaning toward price carving out a range-bound environment for at least several weeks,” he said, adding he would “once again become a buyer” if support around $2,150 holds.
Fibonacci retracements show potential downside to $1,900 if bulls lose control—a reminder that macro sentiment and Bitcoin’s trajectory still hold sway over ETH.