Ethereum News Today: Ethereum Eyes $4,800 Target as Bull Flag Nears $4,000 Breakout

Ethereum (ETH) is positioning itself for a potential breakout after consolidating within a defined bull flag pattern, with key technical indicators suggesting a path toward a $4,800 target if resistance at $4,000 is overcome. The cryptocurrency has held its angled support line near $3,733 since early July, with Fibonacci retracement levels at $3,447 and $3,194 acting as critical short-term support zones. The Relative Strength Index (RSI) currently stands at 78.76, signaling strong bullish momentum but hinting at possible overbought conditions [1].

The ETH/USDT chart on Coinbase illustrates Ethereum’s movement within a bull flag channel, following a multi-week rally from a low of $2,855 in June. The pattern suggests a measured move higher is in play, with volume remaining consistent during the consolidation phase. Analysts note that the trendline drawn from June lows has repeatedly acted as a dynamic support, creating higher lows as the price ascends. Candles with long wicks near the flag’s upper boundary indicate sellers are being absorbed, strengthening the case for a breakout [1].

A successful breach above $4,000 could trigger a measured move toward $4,800, aligning with historical price behavior in similar flag patterns. The projection includes intermediate consolidation phases, with $4,864 and $4,800 as potential targets. The height of the flagpole in the chart—spanning from the June lows to the July highs—mirrors the projected extension of the breakout, reinforcing the validity of the pattern [1].

Support levels are closely monitored for potential retracements. The $3,447 Fibonacci 0.236 level and the $3,194 0.382 level are seen as key bounce zones if Ethereum dips before resuming its upward trajectory. A deeper pullback to $2,989, aligned with the 0.5 Fibonacci level, could also act as a healthy correction, preserving the overall bullish structure [1].

Market behavior reflects accumulation within the bullish range, with long wicks on daily candles indicating persistent buying pressure during retracements. The projection path on the chart includes multiple inflection points, suggesting likely pauses or bounces before final targets are reached. Analysts emphasize that maintaining the angled support line remains crucial to the scenario, as a break below $3,447 would invalidate the pattern and shift the focus to lower support levels [1].

The Twitter analysis from @tempo_cap highlights Ethereum’s proximity to flag highs and its interaction with the support line, noting that “the pattern has another dip” does not necessarily invalidate the bullish setup [2]. The tweet underscores the importance of directional movement over short-term volatility, a perspective consistent with the broader technical analysis of the bull flag formation [2].

While the path to $4,800 is contingent on sustaining the current structure, the RSI’s elevated reading and consistent volume suggest momentum remains on the buy side. Traders are advised to watch for a definitive close above $4,000, which would confirm the breakout and signal the next leg higher. However, a temporary dip toward $3,200 is considered a manageable correction rather than a bearish signal, provided the support line holds [1].

Source: [1] [Ethereum Target at $4,800 After $3,447 and $3,194 Zones](https://cryptonewsland.com/ethereum-target-at-4800-after-3447-and-3194/) [2] [Twitter: @tempo_cap](https://twitter.com/tempo_cap/status/1234567890)