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Ethereum technical pattern reaffirms PO at $6,500

Panama, Panamá City, Panamá
Published 1 week ago
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Ethereum technical pattern reaffirms PO at $6,500
Panama, Panamá City, Panamá,
Published 1 week ago

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The technical pattern of "huge cup and handle" reaffirms Ethereum's price target at $6,500, thanks to the fact that the handle was already resistance and would now act as support.


A technical pattern allows us to evaluate possibilities in assets through charts. Therefore, the pattern present in Ethereum as a "huge cup and handle" reaffirms the price target at $6,500. While the handle that was resistance would now act as support.

"Prices may rise to $6,500 or more from their current levels near $ 4,100 after completing a cup and mango formation," hinted Matthew Hyland, an independent analyst at the chain, in a tweet posted Monday.


A perfect cup and a new taste of the handle

The Hyland chart shows Ether returning to the old resistance point of its previous cup and handle pattern (the yellow horizontal line in the chart below), in a corrective move that started after the cryptocurrency hit its all-time high of 4.867. dollars on Nov.10 (Coinbase data).

Ether experienced a soft bounce after testing cup and handle resistance as its interim support, increasing the chances of an extended bullish move forward.



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    nicole
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    Panama, Panamá City, Panamá
    Panama Ct 384