A Bullish Formation For Ethereum With It’s Formation Pattern

Form technical analysis is said that Ethereum which is the second largest digital assets per market capitalization is a forming a cup and handle pattern, Raoul Pal who happens to be a crypto analyst, a former Goldman sach executive and a macro investor said that;

“The daily chart on ETH looks extremely constructive. We are currently breaking the downtrend at (1), there is an inverse head-and-shoulders at (2) with the right shoulder forming just above previous resistance (one-year downtrend), and a daily DeMark Sequential Countdown in process on day three of 13 higher.

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Finally, a bit higher up closer to $2,000 a MASSIVE cup-and-handle looks to be forming; all very bullish and something we’re monitoring closely.”

The cup and handle signal is said to be a bullish continuation for the Ethereum as regards market prices which there will be a price consolidation and then breakout.

Another pointer towards the course with the crypto analyst is looking at is the dollar index (DXY), which he says when the dollar strengthen its value crypto assets tends to decline in prices which he closed up by projecting a decline for the dollars.

“The dollar recently put in another daily Sequential Countdown 13 and reversed hard on Friday, currently in wave three of five lower with a price objective of 106. We’re not totally convinced that we can’t make a final push higher towards 117 but we’re closing in on a top.”

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