The Top of the Flag is Proving Tough for Ethereum

The Top of the Flag is Proving Tough for Ethereum to Overcome

It has been noted by Alpha Crypto Signal that ETH has approached the flag’s resistance several times, but it has not broken through firmly. Every time ETH gets rejected at this level, it retreats, and the last rejection took prices down below the middle of the flag channel.

Nevertheless, the main concern now is whether Ethereum will be able to overcome this level and turn it into support. Should there be a success, traders could eye the upper part of the flag, as it might signal that the upward movement is likely to keep going.

According to the chart displayed in the analysis, ETH has been between around $2,380 and $2,800 since early May. Its movements are backed up by the 50-day SMA at approximately $2,285 and by the 21-day EMA that is above where it is now.