Ethereum price pared some gains this week after facing resistance at $2,400. However, a bullish pattern has been confirmed on the chart, so a strong rally is expected in the coming sessions.
Ethereum (ETH) price rose nearly 7% on Wednesday to hit a weekly high of $2,411 before stabilizing above $2,300 at press time, according to data from crypto.news.
Ether, along with the broader crypto market, is entering a period of cautious calm as Iran reportedly contemplates a US proposal to end the war, open the Strait of Hormuz, and rebalance global energy supply chains and trade.
Despite this investor uncertainty, institutional investors continue to accumulate positions in the token. The Spot Ethereum ETF extended its inflow streak to a fourth day, with more than $270 million withdrawn during the period, according to SoSoValue data. This sustained demand from deep-pocketed investors signals their belief in the token’s promise and often draws in new capital from retail investors over time.
On the daily chart, Ethereum price confirmed the bull flag pattern and is aiming for a move above the 38.2% Fibonacci retracement level at $2,381. A decisive break above this flag could accelerate the rally towards the $2,800 resistance zone or, if the current momentum holds, towards $3,000.
Momentum indicators seem to support such a bullish outlook, as the supertrend remains green, indicating a healthy uptrend. At the same time, the MACD line is nearing the formation of a bullish crossover, which usually indicates that the bulls are ready to take back control of the market.
Conversely, if the current levels fail to sustain, Ethereum could retreat towards the $2,200 support level, where buyers are likely to step in to protect the main trend.
