{"id":354693,"date":"2021-10-18T19:35:21","date_gmt":"2021-10-18T16:35:21","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/this-ethereum-price-chart-pattern-suggests-eth-can-reach-6-5k-in-q4\/"},"modified":"2021-10-18T19:35:21","modified_gmt":"2021-10-18T16:35:21","slug":"this-ethereum-price-chart-pattern-suggests-eth-can-reach-6-5k-in-q4","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/this-ethereum-price-chart-pattern-suggests-eth-can-reach-6-5k-in-q4\/","title":{"rendered":"# This Ethereum price chart pattern suggests ETH can reach $6.5K in Q4"},"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-6a34c902be904\" 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-6a34c902be904\" 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\/this-ethereum-price-chart-pattern-suggests-eth-can-reach-6-5k-in-q4\/#ETH_price_eyes_4K_resistance_breakout\" >ETH price eyes $4K resistance breakout<\/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\/this-ethereum-price-chart-pattern-suggests-eth-can-reach-6-5k-in-q4\/#The_Bitcoin_correlation_effect\" >The Bitcoin correlation effect<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/this-ethereum-price-chart-pattern-suggests-eth-can-reach-6-5k-in-q4\/#ETH_supply_crunch_continues\" >ETH supply crunch continues<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># This Ethereum price chart pattern suggests ETH can reach $6.5K in Q4 <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Ethereum&#8217;s native token Ether (ETH) has rallied by more than 415% this year to over $3,800, and two major bullish patterns developing on its charts highlight the scope for another upside move, ultimately toward the $6,200\u2013$6,500 price range.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"ETH_price_eyes_4K_resistance_breakout\"><\/span>ETH price eyes $4K resistance breakout<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The first decisive break above the psychological $4,000-mark, which serves as a resistance trendline to a five-month-old ascending triangle and a cup and handle pattern, could trigger a textbook price rally in the coming sessions.\u00a0<\/p>\n<p>In detail, the $6,250-level <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>ears as the profit target for the Ascending Triangle pattern, calculated by measuring the widest distance between its horizontal and rising trendlines and adding the output to the potential breakout level around $4,000. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/7004785b-d89a-4a9b-8835-6bb23991c775.png\"><figcaption style=\"text-align: center;\"><em>ETH\/USD daily price chart featuring Ascending Triangle (black) and Cup &amp; Handle (blue) pattern. Source: TradingView\u00a0<\/em><\/figcaption><\/figure>\n<p>Thus, the price boom reflects moves equivalent by roughly 64%.<\/p>\n<p>At the same time, the Cup and Handle pattern, which has a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/samuraitradingacademy.com\/7-best-price-action-patterns\/\">slightly lower success rate than Ascending Triangle<\/a>, shows a potential run-up toward $6,550 in the coming sessions, up by 56% from current levels. <\/p>\n<p>Its profit target emerges by measuring the distance between the Cup&#8217;s right peak and its bottom and adding the outcome to the potential breakout level around $4,000 \u2014 the same as Ascending Triangle.<\/p>\n<p>One of the primary catalysts that support the two bullish indicators is trading volume, which has been falling across the formation of the said patterns. That suggests a weak consolidation sentiment among traders. Meanwhile, the relative strength index (RSI) below the overbought threshold of 70 also shows adequate room for a bull run.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_Bitcoin_correlation_effect\"><\/span>The Bitcoin correlation effect<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The optimistic outlook for ETH appears in the wake of a market-wide upside boom led by Bitcoin&#8217;s (BTC) 29% month-to-date price rally. <\/p>\n<p>According to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptowat.ch\/correlations\">CryptoWatch<\/a>, the 30-day correlation coefficient between Bitcoin and Ethereum sits near 0.89, meaning that the success rate of the two assets moving in sync is 89%.<\/p>\n<p>Ecoinometrics, a crypto-focused <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter service, noted the positive correlation as it highlighted the Ether price&#8217;s reaction to Bitcoin &#8220;halvings,&#8221; a pre-programmed event that slashes the BTC&#8217;s issuance rate by half every four years, against its 21 million supply cap.<\/p>\n<p>The portal studied Bitcoin and Ether&#8217;s price reactions to the previous two halvings and applied the dataset to predict their tops after the third halving, which took place on May 11, 2020. As a result, it anticipated BTC to rise 29.5x times to hit $253,800 by late November 2021. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/b1785930-ccba-40fc-a5ff-effa1c36225d.jpeg\"><figcaption style=\"text-align: center;\"><em>Bitcoin vs. Ethereum \u2014 Post BTC halving growth trajectory. Source: Ecoinometrics<\/em><\/figcaption><\/figure>\n<p>Similarly, Ecoinometrics highlighted $22,300 as Ether&#8217;s price target in the same period, based on its 120x price rally following the second Bitcoin halving.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"ETH_supply_crunch_continues\"><\/span>ETH supply crunch continues<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>More bullish cues for Ethereum appeared in the form of its ongoing supply squeeze.<\/p>\n<p><strong><em>Related:\u00a0Ethereum price hits $3,800, boosting bulls&#8217; control in Friday&#8217;s ETH options expiry<\/em><\/strong><\/p>\n<p>Notably, the total number of Ether deposited into the Ethereum 2.0 smart contract reached an all-time high of around 7.98 million ETH on Oct. 1. These tokens remain locked\/untransferable for one year or more.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/2afd687b-1c47-4fb9-ab53-22ea5a84130d.jpeg\"><figcaption style=\"text-align: center;\"><em>Ethereum total value in ETH 2.0 deposit contract. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>Meanwhile, the total amount of Ether held across all exchanges continued to stay around its record low levels, with CryptoQuant <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/overview\/eth-exchange-flows\">reporting<\/a> 18.187 million ETH in reserves on Monday compared to 23.323 million ETH a year ago.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/a7d65e5b-4579-45bf-ae75-28cb729b5afd.png\"><figcaption style=\"text-align: center;\"><em>Ethereum reserves across all exchanges. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p>Moreover, crypto data tracker Santiment <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/insights.santiment.net\/read\/ethereum%3A-good-signs-vs-worrying-signs-6724?utm_source=twitter&amp;utm_medium=post&amp;utm_campaign=twitter_eth_good_worrying_signs_santrends_100921\/&amp;fpr=twitter\">reported<\/a>\u00a0a rise in new Ether addresses last week while\u00a0the number of non-zero Ether wallets reached a record high of 64.5 million.<\/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<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 News 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\/this-ethereum-price-chart-pattern-suggests-eth-can-reach-6-5k-in-q4\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# This Ethereum price chart pattern suggests ETH can reach $6.5K in Q4 &#8221; Ethereum&#8217;s native token Ether (ETH) has rallied by more than 415% this year to over $3,800, and two major bullish patterns developing on its charts highlight the scope for another upside move, ultimately toward the $6,200\u2013$6,500 price range. ETH price eyes&#8230;<\/p>\n","protected":false},"author":1,"featured_media":354694,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTAvMTgzMzc2MzEtYWYwZC00ODg0LTg3NGItNWY2NjYxNmQ0NmYxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[88119,79806,81951,78828,74937,74982,82962,81262,82402,74891,81210,74938,78827,74939,75679,75864,78261,73785],"class_list":["post-354693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin-watch","tag-analysis","tag-bitcoin-analysis","tag-bitcoin-halving","tag-bitcoin-price","tag-btc-markets","tag-coinmarketcap","tag-cryptomarket","tag-ether-price","tag-ethereum","tag-ethereum-options","tag-ethereum-price","tag-halving","tag-market-analysis","tag-market-capitalization","tag-supply","tag-tech-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/354693","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=354693"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/354693\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/354694"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=354693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=354693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=354693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}