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Analysis: Ethereum forms a bullish flag pattern, a breakthrough above $3600 is expected.
Odaily News Ethereum daily chart is forming a "bull flag" pattern, with prices consolidating in the range of 2400 to 2750 USD, and the target resistance level at 3000 to 3100 USD. If it breaks through 2600 USD, it may look up to 3600 USD. In addition, Ethereum is attempting to reclaim the midline of the 2-week Gaussian Channel. Historically, ETH has experienced significant rises above this indicator, such as a 93% increase to $4000 in 2023 and an astounding 1820% surge in 2020. Despite a failure in August 2022, crypto trader Merlijn noted that the 50-day SMA and 200-day SMA have formed a "golden cross," which may further enhance ETH's breakout momentum. However, trader XO reminds that if ETH cannot break through 2800 USD in the short term, it may enter a consolidation period of several weeks. The short-term support levels are around 2150 USD and 1900 USD. (Cointelegraph)