• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Ethereum

Ethereum Bull Flag Breakout Could Set Price En Route to $350; Here’s Why

Ethereum behavior over the last four months continues to point to an overall jump to higher prices.

Yashu Gola by Yashu Gola
7 months ago
in Ethereum, Technical analysis
Reading Time: 2min read
Ethereum Bull Flag Breakout Could Set Price En Route to $350; Here’s Why

Ethereum Bull Flag Breakout Could Set Price En Route to $350; Here's Why

Advertisement
  • Ethereum broke out of its sideways range on July 21, eventually establishing a quarter-to-date high at $280.76.
  • The breakout move also confirmed a Bullish Flag pattern, a continuation signal that occurs as a brief pause following a significant price move higher.
  • It has now set Ethereum en route to its ideal price target near $350. More explanations below.

Ethereum behavior over the last four months continues to point to an overall jump to higher prices.

The second-largest cryptocurrency (by market cap) surged by more than 200 percent from its mid-March nadir. Its rally meanwhile saw a parabolic upside move, followed by an overstretched period of consolidation, and an uptrend continuation later.

The entire pattern resembles that of a Bull Flag, a technical indicator that occurs as a brief pause after an asset’s significant price jump. The preceding uptrend is called a Pole – as in a flagpole, while the Bull Flag resembles a flag tied on the pole itself.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

ethereum, ethusd, ethbtc, cryptocurrency

Ethereum pole and bull flag pattern stand confirmed. Source: TradingView.com

ETH confirmed the Bull Flag only after its price broke above its downward sloping consolidation, as shown via red in the chart above. Other factors that confirmed the pattern included a preceding uptrend, lesser than 50 percent downside retracement, and a move above the Flag resistance on rising volumes.

Prevailing Risks

The move upside led Ethereum to establish its quarter-to-date high at circa $280. The said level, on multiple occasions in the past two years, capped the cryptocurrency from extending its bull runs. The only exception was in June 2019, whereby ETH/USD broke above $280 to its YTD high at $363.18.

But the price fell back below it due to growing selling pressure across the cryptocurrency market.

Entering July 2020, ETH/USD is now targeting $280 to confirm its Bull Flag breakout. Until then, the pair risks correcting lower – perhaps to enter the flag all over again. Ethereum bulls are hopeful of a continuation rally towards $300, given the cryptocurrency’s growth in the decentralized space.

Ethereum Upside Targets

But for Bull Flag watchers, the ETH/USD price target is beyond $300. Ideally, a flag-induced breakout should take the pair as high as the length of the pole that preceded the pattern. That puts Etherum’s breakout target around 200 percent higher – somewhere around $750.

At the same time, readjusting the pole’s length from May 12’s low of $175 to June 2’s high of $253 brings the breakout target in proximity.

ethereum, ethusd, ethbtc, cryptocurrency

The refreshed pole’s length amounts to a 43 percent breakout rally. That puts Ethereum en route to $350, a level right between its 2019 YTD high and its vice.

[Note: Bull Flags have a history of failing. This is not financial advice. Always use multiple technical and fundamental indicators to confirm a market’s bias.]

Tags: cryptocurrencyethbtcethereumethusd
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

Bitcoin

TA: Bitcoin Price Back Below 100 SMA, Why BTC Could Retest $45K

22 mins ago
bitcoin cheat sheet

Bitcoin “Cheat Sheet” Calls For Next Leg Up To $77K

3 hours ago
bitcoin bloomberg march

Bloomberg Chief Analyst Says Bitcoin Could “March To $100,000” From Here

8 hours ago
Ethereum

TA: Ethereum Struggles Above $1,600, Why 100 SMA Is The Key

22 hours ago
Bitcoin

TA: Bitcoin Turns Attractive Above $50K, Why BTC Could Rally To $55K

1 day ago
bitcoin thin ice

Time To Be Careful: Why Traders Are Cautious On Bitcoin Right Now

1 day ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Bittrex Global Exchange to List Ndau for Long-term Holders

March 4, 2021

Polkadex, DEX Built for Web3, Raises $3m From CMS Holdings, Outlier Ventures, OKEx Capital and More

March 4, 2021

Casino Betting Coin launches $FUN Uniswap pool

March 4, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.