A Technical Analyst who goes by the pseudonym Titan of crypto tweeted that Ethereum reclaimed the 5-year bullish trend line on the weekly chart after falling shortly below it. The analyst further spotted the MACD line crossing above the Simple Moving Average, showing bullish momentum.
On May 7, Ethereum went through the Pectra upgrade, which increased the staking limits and account abstraction (EIP-7702) that allows gasless transactions by the wallet acting as a smart contract.
The Consensys website says “The core user surface of the network—the wallet—is getting its most significant improvement in the history of the network with the introduction of smart accounts, which let end-user accounts operate like smart contracts: in essence, making each wallet into its own programmable platform that serves the user’s needs.”
ETH/USDT 1-Day Chart (Source: TradingView)
Since last December, Ethereum has been fluctuating inside the bull flag, often rebounding off the lower and upper trendlines. After breaking out from the flag at $1,830, the token is gaining value. In a conventional breakout from a bull flag, the token usually gains value until it reaches the length of the flag pole, as shown in the chart. If Ethereum plays out accordingly, the token may reach above $ 3,000. However, as ETH as the Bollinger bands signals an overbought condition, there might be a slight retracement before ETH takes off. However, if the bears overpower the market, ETH could look for support close to $2,300.
Disclaimer
Please remember that all price predictions are based on data analysis and are provided for informational purposes only. They do not constitute financial advice. Altcoin Desk is not liable for any financial decisions you make.
