The Cup and Handle Setup Everyone’s Watching
Ethereum's chart is showcasing a classic Cup and Handle formation, a bullish structure indicating potential continuation to the upside. The price has rebounded strongly from the $2,300 level, a key level that previously acted as resistance and has now flipped into solid support.
The EMA Ribbon is trending upward, confirming the bullish momentum, and Ethereum is decisively trading above the ribbon. This alignment not only highlights the strength of the current trend but also positions the ribbon as dynamic support for future moves.
A breakout above the current descending trendline would complete the Cup and Handle pattern, with a potential price target of $8,000.
Adding to the bullish narrative, the Signal Builder indicator has recently flashed bullish signals, further confirming the positive momentum. This signal, coupled with the structural setup, suggests that Ethereum could be gearing up for a substantial rally.
To maintain this bullish outlook, ETH must hold above the $2,300 support level and break the descending trendline. A convincing close above this area would likely trigger the next major move toward the $8,000 target.
👨🏻💻💭 Will Ethereum break through and rally to $8,000? Share your perspective below!
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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.