cryptocoin.com As we reported, Ethereum (ETH) broke the $4,000 resistance level. Bitcoin seer and 40-year trading master Peter Brandt believes that ETH has formed a cup and handle pattern. If the pattern mentioned by the trader is confirmed, prices could soon rise above $9,000. According to crypto analyst Ali Martinez, now that Bitcoin (BTC) has set an all-time high, Ethereum wants to catch up with it. The analyst says the smart contracts giant has broken a key level of resistance that could lead to an increase of up to 134%.
Ethereum (ETH) broke the $4,000 resistance, what’s the next target?
Ethereum broke above $4,000 for the first time in nearly two months. Since the start of the month, the second-largest cryptocurrency by market cap has enjoyed the price action quite a bit, with market cap gaining over 1,000 points. Analyst Ali Martinez states that Ethereum (ETH) appears to face little opposition to hit all-time highs, given that it definitively broke the $4,000 resistance level.
Trader Peter Brandt believes that a cup-handle pattern has formed on the daily chart of Ethereum’s price action since mid-May. Ali Martinez reminds that this type of technical pattern is considered a bullish signal that extends an uptrend and is used to detect long-term opportunities, and he predicts that Ether is now ready for a 134% bull run that could surpass the $9,000 level. The analyst explains the model as follows:
Such a bullish target is determined by measuring the distance between the bottom of the cup and the breakout level of the pattern and extending this distance upwards without breaking.
What if ETH fails to hold above the $4,000 level?
The analyst states that for the bullish outlook to be valid, Ethereum needs to hold above $4,000 and says that any signs of weakness in the current price level could encourage investors to sell to avoid significant losses. Analyst Ali Martinez draws attention to the following levels if this situation occurs:
Based on the trading history, an increase in downside pressure could push Ethereum (ETH) towards $3,400 or even $3,200 before the uptrend resumes.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. Therefore, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.