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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ethereum Price Breakout Sets Stage For Rally Toward $5,400 – Analyst

Semilore Faleti
Semilore Faleti
2 days ago
2 mins read
Ethereum

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Ethereum (ETH) prices increased by over 7% in the past week, amid a general crypto market price bounce inspired by a heightened potential for US rate cuts in the coming months. The largest altcoin now trades within the $4,700 price region following a stiff rejection from $4,800. However, recent candle formation backs Ethereum’s potential to overcome this opposition, with the immediate major resistance level tipped to still lie far ahead.

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3 days ago

Ethereum Eyes $5,400 Following Bull Flag Breakout

In an X post on August 23, a popular market analyst with the username Titan of Crypto shares a technical insight on the ETH market, highlighting the recent breakout from a bull flag formation. This development indicates that buyers are presently taking charge of the market, signaling a high potential for a sustained uptrend in the short term.

For context, the bull flag represents a classic continuation pattern in trading. It starts with a flagpole, i.e., an initial strong price surge as observed in early August when ETH prices moved by 41%  from $3,400 to near $4,800. This phase is followed by the flag, a market correction in the form of a descending consolidation channel seen between August 13 and August 23 in the chart below.

Ethereum
Source: @Washigorira on X

In the flag phase, trading volume usually declines, indicating the pullback is not driven by strong selling pressure but rather by market indecision. This phase is generally interpreted as healthy consolidation and often signals accumulation, with the expectation that once the pause is complete, the price will break out upward to continue the bullish trend.

Notably, Ethereum appeared to have re-ignited this upward trend, following its price breakout last Friday. The altcoin gained by over 14%, breaking out from the flag phase at $4,200 to trade around $4,800 before experiencing a slight retracement. However, the final leg of the classic bull flag usually represents a price surge of similar length to the flagpole starting from the point of breakout.

Going by this precedent, Titan of Crypto expects Ethereum’s recent rally to persist, setting its next significant price target at $5,400, i.e, a 13.68% from the present market price. However, volatility remains a defining feature of the crypto market, with sharp pullbacks possible even in strong uptrends. In the ETH market, investors would want to cautiously monitor the $4,800 price region, which has twice served as an effective price resistance consecutively.

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Could Ethereum Be Eyeing New Highs? Analyst Spot Bullish Trends in Netflow Data

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3 days ago

Ethereum Price Overview

At the time of writing, Ethereum trades at $4,782 after a 2.18% gain in the past 24 hours. Meanwhile, daily trading volume has crashed by 51.88% and is now valued at $33.08 billion.

Ethereum
ETH trading at $4,783.39 on the daily chart | Source: ETHUSDT chart on Tradingview.com
Featured image from Pexels, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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