Ethereum price has pared off some gains after facing resistance at $2,400 this week. A confirmed bullish pattern on the chart, however, positions it for strong upside in the coming sessions.
According to data from crypto.news, Ethereum (ETH) price rose nearly 7% to a weekly high of $2,411 on Wednesday before stabilizing over $2,300 at press time.
Ether, along with the broader crypto market, has entered a period of cautious calm as Iran is reportedly pondering a U.S. proposal to end the war and open up the Strait of Hormuz, bringing balance once again to global energy supply chains and trade.
Despite this investor uncertainty, institutional investors continue to stack their positions in the token. Data from SoSoValue shows that spot Ethereum ETFs extended their inflow streak to the fourth day with over $270 million drawn in the period. This persistent demand from deep-pocketed investors suggests their belief in the token’s future potential and often pulls in fresh capital from retail investors over time.
On the daily chart, Ethereum price has confirmed a bull flag pattern and is eyeing a move above the 38.2% Fibonacci retracement level at $2,381. A decisive break above the flag’s upper boundary could accelerate the rally towards the $2,800 resistance zone or onwards to $3,000 if the current momentum sustains.
Momentum indicators seem to support such a bullish outlook as the Supertrend has remained in the green, indicating a healthy uptrend. At the same time, the MACD lines are close to forming a bullish crossover, which typically signals that the bulls are ready to take back control of the market.
On the contrary, a failure to hold current levels could see Ethereum drop back toward the $2,200 support level, where buyers would likely step in to defend the primary trend.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
