The ETH/USDT chart displays a classic Cup and Handle formation, a chart pattern indicative of a bullish continuation.
Cup: The initial curved phase illustrates a correction followed by a recovery, suggesting consolidation.
Handle: The current consolidation in the form of a descending channel could serve as an accumulation zone before a potential breakout.
Technical Targets:
Key level to break: $4,150. A close above this resistance could confirm the pattern.
Theoretical target: Upon confirmation of the breakout, the projected target is around $7100 & $9,842, based on the height of the "Cup."
Monitor volumes and price action around the red resistance zones to validate this scenario.
Cup: The initial curved phase illustrates a correction followed by a recovery, suggesting consolidation.
Handle: The current consolidation in the form of a descending channel could serve as an accumulation zone before a potential breakout.
Technical Targets:
Key level to break: $4,150. A close above this resistance could confirm the pattern.
Theoretical target: Upon confirmation of the breakout, the projected target is around $7100 & $9,842, based on the height of the "Cup."
Monitor volumes and price action around the red resistance zones to validate this scenario.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.