Ethereum price 'cup and handle' pattern hints at potential breakout versus Bitcoin

Ethereum price 'cup and handle' pattern hints at potential breakout versus Bitcoin


Ethereum’s native token Ether (ETH) has rebounded 40% against Bitcoin (BTC) after bottoming out locally at 0.049 on June 13. Now, the ETH/BTC pair is at two-month highs and can extend its rally in the coming weeks, according to a classic technical pattern.

ETH paints cup and handle pattern

Specifically, ETH/BTC has been forming a “cup and handle” on its lower-timeframe charts since July 18. 

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A cup and handle setup typically appears when the price falls and then rebounds in what appears to be a U-shaped recovery, which looks like a “cup.” Meanwhile, the recovery leads to a pullback move, wherein the price trends lower inside a descending channel called the “handle.”

The pattern resolves after the price rallies to an approximately equal size to the prior decline. The

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