Ethereum Technical Analysis: Breakout And Bull Flag Signal Upside

Cryptocurrency Ethereum is showing signs of life based on technical analysis. The second largest market cap crypto has pushed above a major down sloping trend line, a signal of a possible breakout. In addition, it has started to consolidate. Consolidation after a breakout is viewed in technical analysis as a bull flag. Bull flags signal a high probability of another move up in price.

Should the bull flag play out, Ethereum could rally as high as $2,100-$2,165 before encountering major resistance.

Should the bull flag fail and price begins to decline, support will be the trend line that was just broken above. This is at $1,685. Should that support level fail to hold, downside to $1,235 is likely.

The near-term technical analysis bias is bullish for Ethereum.