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Brandt's analysis comes at a crucial time for Ethereum, as the cryptocurrency market navigates a period of volatility and uncertainty. Bitcoin, the first and largest cryptocurrency by market capitalization, fell to intraday lows of $60,601, following three days of losses. Ethereum also mirrored BTC's price action, falling for three days to a low of $2,937 on May 8. At the time of writing, Ethereum was trading below $3,000, down 1.05% in the last 24 hours to $2,972.
In one case, Brandt considered that the pattern he highlighted on the ETH price chart resembled a flag: a continuation pattern that often appears during a brief pause in either a bullish or bearish trend. He contends that due to its length, the pattern might not be considered a flag, but a channel seems the most likely label. A channel forms when price action is controlled by two parallel, sloping lines and the price has tested each of these lines at least twice. A flag might appear as a small channel after a steep trend, which develops in the opposite direction.
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