Ethereum (ETH) is starting to gain momentum again after consolidating at $2,615 as analysts and traders are pointing to a high probability bull flag breakout that could take it to $3,600 and beyond. With structural upgrades, technicals and growing investor confidence, the current Ethereum price chart and on-chain metrics suggest it’s getting ready for the next leg up.
ETH Bounces After Pectra Upgrade, Eyes Big Upside
The latest Ethereum price prediction comes after the successful Pectra upgrade. The upgrade makes Ethereum more efficient, reduces transaction friction and introduces structural changes to reduce network bloat. Analysts think this will put deflationary pressure on ETH supply due to increased gas fee burning.
Currently at $2,615, ETH is up 2.47% in the last 24 hours and is facing resistance at $2,750 which is the 200-day EMA. This has been a strong rejection zone during consolidation phases. But traders note Ethereum is now in a textbook bull flag, a bullish continuation pattern that follows a big up move.
Merlijn the Trader pointed this out on X,
“Ethereum just confirmed a golden cross in the 12-hour chart, one of the strongest indicators for a near term rally.”
Bull Flag Suggests $3,600 Target
Technical analysis models show that the current Ethereum price structure is a classic bull flag formed after ETH went from $1,800 to $2,750 in a matter of weeks. A breakout from the top of this flag at $2,600 could be a 45% move to $3,600 in the coming weeks.
Flat or flag patterns are brief pauses in strong price trends and usually precede big extensions of the prior move. For Ethereum flag’s pole, the earlier rally is being used as a measuring tool to project the potential breakout distance.
If the breakout happens with volume, the move could accelerate. This has been seen in similar setups before, where the confluence of technical momentum and volume confirmation tends to result in big bullish phases.
Golden Cross Looms, $5K Price Forecasts
On a bigger picture, Ethereum price is showing another big bullish sign: the golden cross. This technical indicator appears when a short-term moving average crosses above a long-term moving average and is a signal for a trend reversal. In this, case Ethereum’s 21-day EMA is about to cross the 200-day EMA which usually precedes big bullish action.
Market analysts think that this crossover combined with an active burn rate and staking demand in the coming months could take Ethereum to $5,000, if everything goes well.
Glassnode data shows this is true, with ETH balances on centralized exchanges at multi year lows, fewer holders looking to sell in the short term. Staking participation is at 32% of the supply, with liquid staking platforms like Lido dominating new deposits.
Market Sentiment Turning Bullish
Investor sentiment around Ethereum is starting to reflect the long term fundamentals. Sources show large ETH transactions over $100,000 have been increasing over the last 2 weeks, institutional wallets are accumulating. Network activity is stabilizing after the Pectra deployment, daily active addresses are reportedly above 400,000.
Traders are watching the $2,600 level. A break above this on high volume would confirm the bias and trigger the next move up.
Despite short term volatility risks like macro tightening or SEC regulatory actions, Ethereum’s on chain health and technicals are strongly bullish. If the broader crypto market holds, Ethereum could retest $3,600 by the end of June and possibly $5,000 in Q3.
Conclusion
Ethereum is at a crossroads, a bull flag pointing to a move to $3,600 and key technicals supporting further upside. As network fundamentals improve post Pectra and demand for ETH grows through staking and DeFi, bullish momentum could be building. Traders and investors are watching the charts closely, a break out might be closer than it seems.
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FAQs
What is the current Ethereum price prediction?
Analysts are forecasting a break to $3,600 based on the bull flag. If momentum holds, Ethereum price could go to $5,000 in Q3.
What is a bull flag in technical analysis?
A bull flag is a chart pattern that indicates a pause in a strong up trend, followed by continuation of the trend. It often means bullish momentum.
What does a golden cross mean for Ethereum?
A golden cross is when a short term moving average crosses above a long term one, it means a shift from bearish to bullish market sentiment.
What does the Pectra upgrade do to Ethereum?
Pectra improves efficiency, supports deflationary pressure by increasing gas burn, reduces network congestion, makes ETH more attractive as an asset.
Can the Ethereum price go to $5,000 soon?
If the current patterns hold and institutional accumulation continues, Ethereum price could test $5,000 by the end of the year if macro is supportive of risk on assets.
Glossary
Bull Flag – A chart pattern that looks like a flag on a pole, meaning consolidation before another up move.
Golden Cross – When a short-term moving average crosses above a long-term one, it means a bullish signal.
EMA – A moving average that gives more weight to recent prices, used to track trends.
Pectra Upgrade – Recent Ethereum upgrade that improves efficiency and enables more gas fee burning.
Staking – Locking up ETH to help secure the network and earn rewards.
Sources
Merlijn the Trader via X (Twitter)
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
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