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Ethereum Eyes ATH Levels Again, Bull Flag Points to $6,900 Run

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Ethereum is trading close to $4,500 after a strong weekly gain of more than 13%. Analysts are tracking several bullish chart setups, with projections ranging from $5,500 to almost $7,000 if momentum continues. 

Consequently, the focus now is whether ETH can break resistance near its all-time high and move into price discovery.

Bull Flag Pattern Points Toward $6,900

Titan of Crypto shared a weekly chart showing ETH forming a bull flag. The pattern has developed after a sharp rally from about $2,500 to above $4,500. A bull flag is known as a continuation setup, where the price consolidates downward before resuming higher.

According to the analysis, a confirmed breakout above the flag’s resistance could project a move to around $6,900. The target is based on the height of the previous rally, known as the flagpole, added to the breakout level. ETH is still consolidating, so a clear breakout would be needed before the move is validated.

Retest of $4,100–$4,200 Remains Key

Cas Abbé posted a chart showing ETH breaking and retesting the $4,100–$4,200 zone, which has now turned into support. Retests of this kind are often seen as positive confirmation, especially when paired with strong buying volume.

Cas Abbé wrote, 

“Ethereum could go down and retest $4,100–$4,200 level again before a new ATH.” 

They also shared a short-term target of between $5,500 and $6,000 by November. Fibonacci extension levels from his chart point to $5,994 and $6,200 as the next upside zones if the support holds.

Ethereum (ETH) price chart
Source: Cas Abbé/X

Ethereum vs Bitcoin Rotation Setup

Merlijn The Trader compared ETH’s performance against Bitcoin on the weekly chart. The pair has been in a long re-accumulation phase since 2018, similar to conditions that preceded Ethereum’s surge in 2017.

The analysis suggests that if ETH/BTC breaks higher, Ethereum could begin a new phase of outperformance, this time with added participation from institutional investors.

Testing Resistance Near Previous Highs

CW shared a 3-day ETH/USD chart that places Ethereum just below its prior all-time high between $4,800 and $4,900. ETH has maintained a strong uptrend from the lows of 2022, with the recent pullback looking minor compared to the broader trend.

CW noted, 

“$ETH will rise beyond ATH and go to the moon.” 

Ethereum (ETH) price chart
Source: CW/X

Indicators on the chart show ETH has been overbought in the short term, which may lead to sideways movement or a pause. Still, a breakout above $4,900 would push ETH into new territory with room for further gains.

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