Ethereum price is reacting to a technical formation known as a “bear flag.”

The price of $ETH extended Tuesday’s correction to the $2,400 support, confirming a bear flag pattern with a 17% target of $2,100. However, the reflex to return to $2,522 suggests that more investors are buying the dip and could invalidate the potential decline.

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The return of the Relative Strength Index (RSI) from 36 to 42 confirms the formation of an uptrend. A move above $2,600 suggests that the price of #ETH is stronger and could reach $2,800 or even $3,000 before the weekend.

If Ethereum ETFs continue their streak of outflows, the bullish ETH price prediction may not come true. According to SoSoValue data, only two out of nine ETFs saw inflows. Total net outflows reached $3.45 million on August 27.

Traders should focus on two important levels ahead of September: support at $2,400 and resistance at $2,800. A breakout on either side of this range could determine ETH’s direction.

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