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After a remarkable recovery in the first month of 2023, the Ethereum kaina formed a local top at $1673. However, since then, the coin price has returned sideways and started consolidating in a fixed range. Having said that, this consolidation is part of a famous bullish reversal pattern called cup and handle. Here’s how this pattern could assist buyers in maintaining trend control,
Pagrindiniai klausimai:
- Under the influence of the cup and handle pattern, the Ethereum price holds a higher possibility of surpassing the $1675
- Amid ongoing consolidation, if the daily candle closes below the $1500 support, the bullish thesis will get invalidated.
- Ether dienos prekybos apimtis yra 10.8 mlrd. USD, o tai rodo 18% prieaugį.
Šaltinis- Tradingview
The cup and handle pattern is formed by two U-shaped curves that create the shape of a cup, followed by a smaller downward curve that forms the handle. The cup is formed as the price of a stock decreases over an extended period of time, creating a “U” shape. The handle is a brief consolidation period where the price moves sideways or slightly downward before continuing its upward trend.
Thus, the Ethereum price is currently going through this short-handle phase. Amid the recent sell-off in the crypto market, the coin price reverted from $1680, indicating the seller continues to defend this level. As a result, the ETH price plunged 8.5% in the last three days and currently trades at the $1544 mark.
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Though the ongoing consolidation may last longer with the negative sentiment across market participants, the coin holders remain bullish until the $1500 is defended. Furthermore, with the formation of a cup and handle pattern, the buyers are likely to end this consultation with a bullish breakout from $1684.
In an ideal bullish scenario, this pattern technical setup could lead a bullish rally to $2300.
Techninis rodiklis
MACD: Nuolatinis nuosmukis MACD(Blue) and signal(Orange) lines indicated the coin is experiencing sustained selling at higher levels.
EMA: the 50-and-200-day EMA moving near the $1500 mark also contributes to the overall support strength of this level.
Ethereum monetų kainos dienos lygiai –
- Spot norma: 1543 USD
- Tendencija: Lokiniai
- Nepastovumas: didelis
- Atsparumo lygis - 1684 ir 1785 USD
- Palaikymo lygis - 1500 USD ir 1420 USD
Pateiktame turinyje gali būti asmeninė autoriaus nuomonė ir jis priklauso nuo rinkos sąlygų. Prieš investuodami į kriptovaliutas, atlikite rinkos tyrimus. Autorius ar leidinys neprisiima jokios atsakomybės už jūsų asmeninius finansinius nuostolius.
Source: https://coingape.com/markets/this-bullish-pattern-keeps-ethereum-price-under-buyers-control-is-2000-within-reach/