For the second day in a row, Ethereum is doing better than the market and pleasing connoisseurs of technical analysis with beautiful figures. Today, it’s a "cup with a handle," which often forms as a result of an unsuccessful activation of the "saucer." In order to bring the figure into action, buyers need to break through the "neck" line at $435. This does not look like an impossible task, but it requires favorable conditions - at the very least, Bitcoin must hold above the levels of its supports.
In case of the figure’s activation, the target of the bulls is $475 and the boundary of the descending channel. However, this is a fairly optimistic scenario. More probable is a continued lateral trade at the level of the 0.236 Fibonacci expansion and a rebound down from the “neck” line. The most important thing in the current uncertain situation is that Ethereum has a safe margin of decline to the level of the local minimum of $360, which means investors will be able to wait out Bitcoin’s drop if it’s not too steep.
Check full crypto analysis HERE.
In case of the figure’s activation, the target of the bulls is $475 and the boundary of the descending channel. However, this is a fairly optimistic scenario. More probable is a continued lateral trade at the level of the 0.236 Fibonacci expansion and a rebound down from the “neck” line. The most important thing in the current uncertain situation is that Ethereum has a safe margin of decline to the level of the local minimum of $360, which means investors will be able to wait out Bitcoin’s drop if it’s not too steep.
Check full crypto analysis HERE.
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