Technical indicators reveal Ethereum is forming a bullish flag pattern below the $3,500 resistance level, suggesting potential upward momentum if critical support holds. This formation follows Ethereum’s recent breakout from a megaphone pattern that propelled prices from under $2,500 to surpass $3,200, demonstrating strong bullish sentiment.
The $3,350 level emerges as crucial support for sustaining the bullish structure. Market participation remains robust with trading volume hitting $36.69 billion and Ethereum’s market capitalization approximately $383 approximately $383.87 billion. The Relative Strength Index (RSI) maintains neutrality between 50-60, indicating balanced conditions without immediate overbought or oversold risks.
Analysts note that a decisive breakout above $3,500 could trigger further price appreciation toward higher targets. Conversely, failure to hold $3,350 may invalidate the bullish pattern and prompt a market retracement. Traders are monitoring these technical thresholds closely for directional confirmation.