Ethereum to $2K? ETH price ‘bull flag’ hints at September gains versus Bitcoin, dollar

In the days before September’s proof-of-stake transition, Ethereum’s native token Ether (ETH) looks poised to grow in strength compared to Bitcoin (BTC), and the U.S. Dollar (USD).

Bullish setup for the ETH price chart

Classic technical indicators such as ETH/USD charts and ETH/BTC charts show a bullish outlook. ETH/USD, for instance, has been forming a “falling triangle” pattern with a profit target of around 30% above current prices.

The ETH/BTC chart shows a potential “bull signal” that could lead to a 10% increase in price from the current levels.

These bullish setups can be seen in this video.

Ethereum to $2K Next?

Falling wedges are formed when the price trend is lower within a contracting, descending channel.

Falling wedge illustration. Source: New Trader U

They usually resolve when the price breaks above their upper trendslines. Their breakout target is the distance between their upper trendlines and lower trendlines measured from the breakout point.

Since mid-August, ETH’s value has been falling in a falling wedge trend. After testing the lower trendline, it rebounded and hit the upper trendline. Now, it is aiming for a breakout towards or above $2,000 as shown below.

Daily price chart for ETH/USD with falling wedge breakout setup. Source: TradingView

The profit target for the wedge coincides with Ethereum’s 200-day exponential moving mean (200-day EMA, blue wave) at $2,000.

ETH is also targeting a junction, as it looks to have an extended bull run towards $2,500. This is the upside target for a wider ascending channel (the purple range), that has been forming from June.

This means that ETH’s prices could rise anywhere from 30% to 55% in September.

Setup ETH/BTC bull Flag

Bull flags appear when the price consolidates lower within a parallel channel that has been formed by a strong upward movement.

Illustration of the bull flag. Source: ThinkMarkets

After the price breaks above the upper trendline, the pattern will resolve. Then, the price will move up to the flagpole level, which is a point at which the length of the previous uptrend is equal. Bull flags are therefore called “bullish continuation” patterns by analysts.

Since early August, Ether has formed a bull flag against Bitcoin. It is awaiting breakout as the structure’s upper trendline tests for one. If it does, the price could climb to 0.087 BTC, an increase of approximately 10% over August 3.

Daily price chart for ETH/BTC with bull flag breakout setup. Source: TradingView

ETH/BTC could also flip lower to retest flag’s lower trendline. This trendline seems to coincide with a support confluence, consisting of a 50 day EMA (the red waves) and the 0.618 fib line at 0.0729 BTC.

Related: Ethereum miner balance hits four-year peak weeks before the Merge

The bull flag breakout setup will not be invalidated by a pullback if the price falls below the lower trendline. If it does, ETH/BTC could fall to $0.088 BTC. This is a level that is synchronous with the 0.5 Fib and 200-day EMA (the Blue Wave).

com. You should do your research before making any investment or trading decision.
https://cointelegraph.com/news/ethereum-to-2k-eth-price-bull-flag-hints-at-september-gains-versus-bitcoin-dollar

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