Ethereum Price Flashes A Big Breakout Hope — But It’s Still 7% Away From Confirmation
Ethereum shows early bullish signs forming a cup and handle pattern, but needs a 7% rise to confirm a major breakout.Summary
Ethereum's price is showing early signs of strength, slightly up over 24 hours and narrowing its monthly loss compared to Bitcoin. Technically, it is forming a bullish cup and handle pattern, with the 'cup' originating from the mid-November low and the 'handle' being the recent pullback. Whales have recently increased their holdings by about 90,000 ETH, suggesting confidence in a potential continuation. However, a confirmed breakout requires the price to close daily above the pattern's neckline at $3,486, which is still about 7% away. If confirmed, the measured target for the pattern is near $4,779, with interim resistance at $3,712 and $4,249. Invalidation of the bullish setup would occur if the price closes below $2,620.
(Source：BeInCrypto)