Ethereum native token Ethereum (ETH) 40% rebound against Bitcoin (BTCAfter hitting a local bottom at 0.049 on June 13, the ETH / BTC pair is now at a two-month high and may extend its recovery in the coming weeks according to classic technical patterns. I can do it.
ETH paints cup and handle patterns
Specifically, ETH / BTC is “Cup and handle“In the chart of the lower time frame after July 18th.
The cup and handle setup is usually displayed when the price goes down and then rebounds with what looks like a U-shaped recovery that looks like a “cup”. On the other hand, recovery leads to pullback movements, where prices tend to fall within a down channel called the “handle”.
The pattern resolves after the price has risen to about the same size as the previous fall. The ETH / BTC chart below shows a similar bullish technical setup.
In particular, the pair is trading lower within the handle range, but recovery can be pursued towards neckline resistance near 0.071 BTC. Then a decisive cup and handle breakout above the neckline level could lead ETH / BTC to 0.072, up 12.75% from today’s price.
The success rate of the cup and handle pattern to achieve the profit target is 61%, according to To veteran investor Tom Balkowski.
The bullish setup of ETH / BTC is potentially as Ethereum’s network moves from Proof of Work (PoW) to Proof of Stake (PoS). “merge” Scheduled for mid-September.
Meanwhile, market analyst Michaelël van de Poppe To tell As the momentum gains in the coming weeks, Marge’s hype could give Ether an advantage over Bitcoin.
Basically some levels $ ETH..
Face-to-face resistance at 0.0725 $ BTC..
Overall, we expect further momentum towards the September merger. pic.twitter.com/QpmkyTwjyb
—Michaël van de Poppe (@CryptoMichNL) July 23, 2022
Van de Poppe expects ETH / BTC to test the cup-and-handle profit target of 0.072 as a provisional resistance while holding 0.0645 or 0.057 levels as support.
Conversely, the range of Ethereum risk from merge updates includes potential. Technical problem, Delays, and even controversial hard forks.For example, a bug Split Ethereum chain under network upgrade in 2020.
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