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Ethereum Quietly Building Bullish Momentum
15 Dec
Summary
- Ethereum price shows strength, holding above $3,100.
- A bull flag pattern suggests potential for upward breakout.
- Selling pressure has eased, indicating calmer holder behavior.
Ethereum's price is exhibiting quiet but potentially bullish behavior, maintaining a position above $3,100 over recent sessions. This consolidation phase is forming a bull flag pattern, a technical indicator suggesting a pause before a potential upward continuation. The structure remains robust as long as ETH stays above the critical support level of $3,090.
On-chain data further supports this optimistic outlook. Holder Net Position Change indicates a significant easing of selling pressure, with a notable decrease in ETH distribution over the past 24 hours. This reduction in selling near key resistance levels often precedes a bullish breakout, signaling increased holder confidence.
A decisive daily close above $3,130 would confirm the bull flag's resolution and signal buyers regaining dominance. If achieved, the next resistance targets are $3,390, with a potential move towards the $4,000-$4,020 range, aligning with the pattern's projected outcome.
