{"id":308354,"date":"2021-07-26T16:44:05","date_gmt":"2021-07-26T13:44:05","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ethereum-eyes-rally-to-3k-with-39-eth-price-rebound-triggering-a-classic-bullish-pattern\/"},"modified":"2021-07-26T16:44:05","modified_gmt":"2021-07-26T13:44:05","slug":"ethereum-eyes-rally-to-3k-with-39-eth-price-rebound-triggering-a-classic-bullish-pattern","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ethereum-eyes-rally-to-3k-with-39-eth-price-rebound-triggering-a-classic-bullish-pattern\/","title":{"rendered":"# Ethereum eyes rally to $3K with 39% ETH price rebound triggering a classic bullish pattern"},"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-6a407625a6dbe\" 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-6a407625a6dbe\" 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\/ethereum-eyes-rally-to-3k-with-39-eth-price-rebound-triggering-a-classic-bullish-pattern\/#The_bullish_setup\" >The bullish setup<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-eyes-rally-to-3k-with-39-eth-price-rebound-triggering-a-classic-bullish-pattern\/#Confluence\" >Confluence<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Ethereum eyes rally to $3K with 39% ETH price rebound triggering a classic bullish pattern <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>The price of Ether (ETH) jumped to a three-week high on July 26, triggered by similar gains in the Bitcoin (BTC) market that <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>eared in the wake of rumors about Amazon&#8217;s foray into the cryptocurrency sector.<\/p>\n<p>A job posting from the retail giant showed that it is seeking an executive to build its &#8220;digital currency and blockchain strategy.&#8221; Meanwhile, global <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> reports speculated based on inside sources that Amazon would start accepting Bitcoin as payments. As a result, the BTC\/USD exchange rate surged to its six-week high after the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>.<\/p>\n<p>Ether, whose <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptowat.ch\/correlations\">30-day correlation with Bitcoin stands at 88%<\/a>, surged likewise on Amazon&#8217;s crypto integration rumor. On Monday, the ETH\/USD exchange rate soared to an intraday high of $2,390, reaching its highest level since July 8.\u00a0The pair was up more than 6.7% as of 12:20 GMT. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/d4821fc8-0110-460b-a2ce-08c8806f54f9.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Ether bottomed out twice in a row near $1,700 in recent sessions. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>However, measuring from its previous bottom of $1,720 on July 20, the net upside rebound came out to be 38.94%. The retracement looked strikingly similar to the bullish price action between June 22 and July 7, wherein ETH\/USD rebounded by more than 40% after bottoming out at $1,700.<\/p>\n<p>That said, the Ethereum token bottomed out twice near the $1,700 range before rebounding higher by 38-40%. Analyst Jonny Moe spotted that mirrored retracement moves and ruled them out as a Double Bottom pattern.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_bullish_setup\"><\/span>The bullish setup<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In detail, double bottoms are bullish trend reversal patterns, consisting of two troughs around the same level, hanging by a neckline resistance. As it plays out, the price eventually flips the neckline resistance as support and rallies higher by as much as the maximum pattern&#8217;s height.<\/p>\n<p>Ether fits the description. It has formed two consecutive bottom levels at around $1,700. Meanwhile, its neckline resistance is near $2,390. Therefore, the maximum pattern&#8217;s height is $690.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/1bf38f90-1f97-4c5c-89a2-66c799f06202.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Ether&#8217;s double bottom setup envisions price at or around $3,000. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>Should the ETH\/USD rate break above $2,390-neckline resistance, accompanied by a spike in volume, the pair will expect to extend its upside move by approximately $690. That would roughly take it towards $3,000 (with $2,948 serving as a psychological bullish target based on historical price action).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Confluence\"><\/span>Confluence<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Another technical pattern in play outdoes the Double Bottom setup&#8217;s upside target by predicting Ether prices at near $3,250.<\/p>\n<p><strong><em>Related:\u00a0Ethereum bounces but ETH price in danger of turning $2.3K into new resistance<\/em><\/strong><\/p>\n<p>Dubbed as Falling Wedge, the pattern develops when the price trades lower inside a range that begins wide but contracts during the downtrend. It eventually prompts the price to break bullish while setting up its profit target at a level situated typically as above the Wedge height (if measured from the breakout point).<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/75a4cbc8-86fa-4063-922e-1177152d0658.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Ethereum&#8217;s falling wedge setup. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>So it appears, the ETH\/USD exchange rate is undergoing a bullish breakout, confirmed by a high-volumed close above the Wedge resistance trendline. The profit-taking target for the current setup is $1,208 above the breakout level, which puts the price en route to $3,257.<\/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. 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A job&#8230;<\/p>\n","protected":false},"author":1,"featured_media":308355,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvODIyMjlkYjItMThlOS00YWFkLTg2NDYtZDRhOGQ1YTJmZjRkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,79806,81951,74982,82402,74891,74938,74939,75679,75150,87877,78261,73785],"class_list":["post-308354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-analysis","tag-bitcoin-analysis","tag-btc-markets","tag-ether-price","tag-ethereum","tag-ethereum-price","tag-market-analysis","tag-market-capitalization","tag-market-update","tag-price-indexes","tag-tech-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/308354","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=308354"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/308354\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/308355"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=308354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=308354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=308354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}