Pro Charts: Crypto

Ethereum Bear Flag Ups Probability Of $2,700-$2,800 Target

Updated: May 07, 2024 | Published: Apr 26, 2024
Verified Investing
By Verified Investing
Ethereum Bear Flag Ups Probability Of $2,700-$2,800 Target

Ethereum is consolidating on the chart in a bearish pattern. After falling from over $4,000 to just under $3,000, crypto investors are wondering if the bottom is in. After all, Ethereum has move back above $3,100 and traded north of $3,300 in recent days.

While anything can happen, the technical analysis isolates down the sideways to slight upward price action as bearish consolidation. This is known as a type of bear flag and raises the probability of another drop on the horizon.

In the near-term, the downside move could take price to $2,700-$2,800. This is a significant support zone with multiple trend lines converging.

While technical analysis is not perfect, when done correctly it does put the odds in the favor of a trader that uses it. This is a far cry from the gambling odds that most retail investors have when investing.