16% Ethereumi hinna tagasilöök aktiveerib klassikalise bullish-mustri - järgmine on 2.5 XNUMX dollarit?

Ethereum’s native crypto Ether (ETH) rebounded sharply on Thursday after Elon Musk avalikustatud 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.

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 a support level that had earlier capped Ether’s downside attempts.

Independent market analyst, known by the pseudonym Rekt Capital, flashed a so-called “orange area” on a weekly ETH/USD chart, illustrating three bearish wicks and their ability to shied the pair from falling lower.

“ETH has rallied +16% since rebounding from the orange area,” the analyst selgitas, coupling the price floor with a support trendline that apprehensively constituted a Falling Wedge.

Üksikasjalikult, Falling Wedges are bullish reversal patterns that start wide at the top but start contracting as the prices move lower, forming a sequence of lower highs and lower lows. A bullish confirmation comes when the price breaks above the Wedge’s upper trendline with a spike in volumes.

In doing so, bulls place their upside profit target as up as the maximum wedge height.

Ether prices almost check all the boxes when it comes to trading inside a Falling Wedge pattern. Rekt Capital highlighted the same in a chart he published Thursday.

"Seni, kuni ETH hoiab konstruktsiooni põhja toena kuni nädala lõpuni, kinnitab [see] naasmist struktuuri juurde pärast selle lühiajalist kaotamist selle nädala alguses," lisas Rekt Capital.

The maximum distance between the Wedge’s upper and lower trendline is roughly $850. Therefore, according to the classic technical setup, a breakout above the upper trendline could send the prices to at least $2,500.

Seotud: Ees ootab lahtisidumine? Bitcoin ja Ethereum võivad lõpuks oma 36-kuulise korrelatsiooni katkestada

Nonetheless, the prices still risk falling sharply below $2,000 based on a short-term technical setup, as shown in the chart below.

The daily Ethereum chart shows price could fluctuate between $1,850-2,080 before the potential bullish breakout, noted Rekt Capital.

Kirkpatrick and Dalquist’s book titled “Tehniline analüüs” notes that falling wedges have a failure rate of just 8% to 11%. Moreover, the possibility of a bearish breakout has a higher failure rate of 15% to 24%.

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Source: https://cointelegraph.com/news/16-ethereum-price-rebound-activates-a-classic-bullish-pattern-2-5k-next