16% Ethereum price rebound activates a classic bullish pattern — $2.5K next?

16% Ethereum price rebound activates a classic bullish pattern — $2.5K next?


Ethereum’s native crypto Ether (ETH) rebounded sharply on Thursday after Elon Musk disclosed for the first time that his private rocket firm SpaceX holds Bitcoin (BTC), and Tesla would probably resuming the bitcoin payment option for its electric cars.

The BTC/USD exchange rate was below $30,000 but bounced by more than 5% after the big reveal, touching an intraday high of $32,895. Ether, which tends to move in lockstep with the flagship cryptocurrency, surged likewise.

Ether was holding onto its previous session’s gains on Thursday. Source: TradingView.com

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It reclaimed $2,000 on Wednesday, rising by as much as 18.20% from its week-to-date low of $1,720.

Lukas Enzersdorfer-Konrad, chief product officer at financial services company Bitpanda, told Cointelegraph in an email statement that Ethereum would continue tailing Bitcoin in the coming sessions.

“As soon as the “big brother” finds its support level,” he added, “Ethereum will most likely follow suit.”

Classic pattern sets $2.5K target for Ethereum 

The latest bounce in the Ethereum market also originated from

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