{"id":305659,"date":"2021-07-22T18:48:46","date_gmt":"2021-07-22T15:48:46","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/16-ethereum-price-rebound-activates-a-classic-bullish-pattern-2-5k-next\/"},"modified":"2021-07-22T18:48:46","modified_gmt":"2021-07-22T15:48:46","slug":"16-ethereum-price-rebound-activates-a-classic-bullish-pattern-2-5k-next","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/16-ethereum-price-rebound-activates-a-classic-bullish-pattern-2-5k-next\/","title":{"rendered":"# 16% Ethereum price rebound activates a classic bullish pattern \u2014 $2.5K next?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3667dce91b6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3667dce91b6\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/16-ethereum-price-rebound-activates-a-classic-bullish-pattern-2-5k-next\/#Classic_pattern_sets_25K_target_for_Ethereum\" >Classic pattern sets $2.5K target for Ethereum\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># 16% Ethereum price rebound activates a classic bullish pattern \u2014 $2.5K next? <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Ethereum&#8217;s native crypto Ether (ETH) rebounded sharply on Thursday after Elon Musk disclosed 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.<\/p>\n<p>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. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/6c5bcc1b-c60a-43e9-b668-c6add82a452a.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Ether was holding onto its previous session&#8217;s gains on Thursday. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>It reclaimed $2,000 on Wednesday, rising by as much as 18.20% from its week-to-date low of $1,720.<\/p>\n<p>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.<\/p>\n<p>&#8220;As soon as the \u201cbig brother\u201d finds its support level,&#8221; he added, &#8220;Ethereum will most likely follow suit.&#8221;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Classic_pattern_sets_25K_target_for_Ethereum\"><\/span>Classic pattern sets $2.5K target for Ethereum\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The latest bounce in the Ethereum market also originated from a support level that had earlier c<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed Ether&#8217;s downside attempts. <\/p>\n<p>Independent market analyst, known by the pseudonym Rekt Capital, flashed a so-called &#8220;orange area&#8221; on a weekly ETH\/USD chart, illustrating three bearish wicks and their ability to shied the pair from falling lower.<\/p>\n<p>&#8220;ETH has rallied +16% since rebounding from the orange area,&#8221; the analyst <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1418218120645283850\">explained<\/a>, coupling the price floor with a support trendline that apprehensively constituted a Falling Wedge.<\/p>\n<p>In detail, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/school.stockcharts.com\/doku.php?id=chart_analysis:chart_patterns:falling_wedge_reversal\">Falling Wedges<\/a> 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&#8217;s upper trendline with a spike in volumes. <\/p>\n<p>In doing so, bulls place their upside profit target as up as the maximum wedge height.<\/p>\n<p>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.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/686efc39-19c3-4113-a18d-2b72d742ac0e.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Ether falling wedge setup highlighted by Rekt Capital. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>&#8220;As long as ETH holds the bottom of the structure as support until the end of the week, [it]\u00a0will confirm a return to the structure after briefly losing it earlier this week,&#8221; added Rekt Capital.<\/p>\n<p>The maximum distance between the Wedge&#8217;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.<\/p>\n<p><strong><em>Related:\u00a0Decoupling ahead? Bitcoin and Ethereum may finally snap their 36-month correlation<\/em><\/strong><\/p>\n<p>Nonetheless, the prices still risk falling sharply below $2,000 based on a short-term technical setup, as shown in the chart below.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/89e36a25-00e8-4c98-8532-01b848a6a715.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>ETH falling wedge setup on its daily chart. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>The daily Ethereum chart shows price could fluctuate between $1,850-2,080 before the potential bullish breakout, noted Rekt Capital.<\/p>\n<p>Kirkpatrick and Dalquist&#8217;s book titled &#8220;<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.amazon.com\/Technical-Analysis-Complete-Financial-Technicians\/dp\/0137059442\">Technical Analysis<\/a>&#8221;\u00a0notes that falling wedges have a failure rate of just\u00a08% to 11%. Moreover, the possibility of a bearish breakout has a\u00a0higher failure rate of 15% to 24%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/16-ethereum-price-rebound-activates-a-classic-bullish-pattern-2-5k-next\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# 16% Ethereum price rebound activates a classic bullish pattern \u2014 $2.5K next? &#8221; Ethereum&#8217;s native crypto Ether (ETH) rebounded sharply on Thursday after Elon Musk disclosed 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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":305660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvZmI3NDMzMjgtOTc2MS00NjAzLTk2YmYtZjkwZTY3NTE4ZGQyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[88119,75302,79806,81951,74982,74891,74939,75150,105688,78261,73785],"class_list":["post-305659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin-watch","tag-altcoins","tag-analysis","tag-bitcoin-analysis","tag-btc-markets","tag-ethereum","tag-market-analysis","tag-market-update","tag-markets-pro","tag-tech-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/305659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=305659"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/305659\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/305660"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=305659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=305659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=305659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}