Ethereum’s native asset Ether (ETH) may rebound by nearly 60% in the coming sessions as the bulls pin hopes on a classic bullish continuation pattern.
Prices may rise to or above $6,500 from their current levels near $4,100 after completing a “cup and handle” formation, hinted Matthew Hyland, an independent on-chain analyst, in a tweet published Monday.
A perfect Cup and Handle retest
Hyland’s chart shows Ether returning to the old point of resistance of its previous Cup and Handle pattern (the yellow horizontal line in the chart below), in a corrective move that started after the cryptocurrency reached its record high of $4,867 on Nov. 10 (data from Coinbase).
Ether underwent a soft rebound after testing the Cup and Handle resistance as its interim support, raising possibilities of a