Ethereum price to rise to $2,250 as this bullish signal flashes – Traders weigh in
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Loading... - Ariadne Condos
- 04 Nov 2022
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Amid the crypto market rally last week, the world’s second-largest cryptocurrency Ethereum (ETH) once again outperformed its rival Bitcoin. ETH has been seen gaining strength during bullish market momentum and has been closing the gap with Bitcoin.
As we move towards the year-end, Ethereum (ETH) could further gain strength over its top rival as per the technical setup. The ETH technical chart shows a classic “cup and handles” pattern which forms when the underlying asset undergoes a U-shape recovery. The pattern also has a slight downward drift that represents the handle while maintaining a common resistance line i.e. the neckline.
Traditionally, the cup and handle pattern has been seen as a bullish pattern. A breakout from the handle neckline could lead to a 60 percent rally in the underlying asset, here Ethereum (ETH). If this turns true, the ETH price could rally all the way to $2250 here from its existing price of $1552.
Theoretically, this profit target comes from measuring the distance between the neckline and the lowest point. The ETH/BTC technical setup is forming a similar cup-and-handle pattern. Read More...
