ETH Hits Bull Flag Target

Yesterday we noted the bullish flag on the Ethereum chart and called for the price to rise to $3400 a level that was achieved today. With that said, the price is still under EMA on the 4-hour chart so the higher timeframe remains bearish. This suggests that the latest move is a corrective rally that is likely to attract fresh buyers before another leg lower. The next major resistance for Ethereum could be at the trend line of lower highs but there is no near term support before $3000.