{"id":370621,"date":"2021-11-22T13:00:00","date_gmt":"2021-11-22T10:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ethereum-huge-cup-handle-pattern-reaffirms-6-5k-eth-price-target\/"},"modified":"2021-11-22T13:00:00","modified_gmt":"2021-11-22T10:00:00","slug":"ethereum-huge-cup-handle-pattern-reaffirms-6-5k-eth-price-target","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ethereum-huge-cup-handle-pattern-reaffirms-6-5k-eth-price-target\/","title":{"rendered":"# Ethereum &#8216;huge Cup &#038; Handle pattern&#8217; reaffirms $6.5K ETH price target"},"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-6a35fe5f8fa35\" 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-6a35fe5f8fa35\" 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-huge-cup-handle-pattern-reaffirms-6-5k-eth-price-target\/#A_perfect_Cup_and_Handle_retest\" >A perfect Cup and Handle retest<\/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-huge-cup-handle-pattern-reaffirms-6-5k-eth-price-target\/#Why_65K\" >Why $6.5K?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Ethereum &#8216;huge Cup &amp; Handle pattern&#8217; reaffirms $6.5K ETH price target <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Ethereum&#8217;s native asset Ether (ETH) may rebound by nearly 60% in the coming sessions as the bulls pin hopes on a classic bullish continuation pattern.<\/p>\n<p>Prices may rise to or above $6,500 from their current levels near $4,100 after completing a &#8220;cup and handle&#8221; formation, hinted Matthew Hyland, an independent on-chain analyst, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Parabolic_Matt\/status\/1462660149802409992\">in a tweet published Monday<\/a>.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_perfect_Cup_and_Handle_retest\"><\/span>A perfect Cup and Handle retest<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Hyland&#8217;s chart shows Ether returning to the old point of resistance of its previous Cup and Handle pattern\u00a0(the yellow horizontal line in the chart below),\u00a0in a corrective move that started after the cryptocurrency reached its record high of $4,867 on Nov. 10 (data from Coinbase). <\/p>\n<p>Ether underwent a soft rebound after testing the Cup and Handle resistance as its interim support, raising possibilities of a extended move upside ahead.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/9437789b-b268-4eae-85e6-f9bfb31c10ed.jpeg\"><figcaption style=\"text-align: center;\"><em>ETH\/USD weekly price chart. Source: TradingView, Matthew Hyland<\/em><\/figcaption><\/figure>\n<p>In detail, the first breakout attempts out of bullish technical setups typically require additional confirmation. <\/p>\n<p>Notably, these early gains tend to trap two groups of buyers: longs that enter deep in the pattern hoping for a breakout (which fails), and longs that chase the breakout but see their small profit evaporate following sudden bearish reversals, which prompt them to defend their positions.<\/p>\n<p>But tables turn when the decline stalls midway, which either leads to sideways action or a full-fledged rebound. As a result, short sellers lose confidence, while longs that survived the previous pullback gain conviction in the prevailing bullish technical setup.<\/p>\n<p>A positive rebound sets a bullish feedback loop in motion, thus prompting the price to prepare for the final leg in the pattern \u2014 a strong uptrend. As Hyland hinted, Ether&#8217;s retesting the &#8220;huge Cup and Handle pattern&#8221; resistance as support <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 perfect \u2014 a potential cue for a sharp rebound.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_65K\"><\/span>Why $6.5K?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The buy point in a Cup and Handle pattern emerges when the price breaks above its resistance level with an increase in trading volumes. <\/p>\n<p>Traders typically estimate their profit target by measuring the distance from the Cup&#8217;s right top to its bottom and then adding the number to the buy point.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/ed987b73-7ef5-481d-b9ab-8c45e14bbfe0.png\"><figcaption style=\"text-align: center;\"><em>ETH\/USD weekly price chart featuring Cup and Handle profit target. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The Cup&#8217;s maximum depth is nearly $2,500, while its breakout point is around $4,100. As a result, the pattern&#8217;s breakout target comes to be at or above $6,500. A Harvard study <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/scholar.harvard.edu\/quant-dev\/cup-and-handle-pattern-detection-algorithm\">shows<\/a> that Cup and Handles have a 65% and 68% success rate for forex and stock markets, respectively.<\/p>\n<p><strong><em>Related:\u00a0Analysts say \u2018impulse move\u2019 could send Ethereum price into the $6K to $14K range<\/em><\/strong><\/p>\n<p>Conversely, breaking below the pattern&#8217;s resistance level \u2014 coinciding with multi-month rising trendline support \u2014 risks invalidating the bullish setup. That may lead the Ether price to the next support line near $3,090.<\/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\/ethereum-huge-cup-handle-pattern-reaffirms-6-5k-eth-price-target\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Ethereum &#8216;huge Cup &amp; Handle pattern&#8217; reaffirms $6.5K ETH price target &#8221; Ethereum&#8217;s native asset Ether (ETH) may rebound by nearly 60% in the coming sessions as the bulls pin hopes on a classic bullish continuation pattern. Prices may rise to or above $6,500 from their current levels near $4,100 after completing a &#8220;cup&#8230;<\/p>\n","protected":false},"author":1,"featured_media":370622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvMWI0NjY1M2YtMWUxOC00YzJiLTgzYmYtYTM2MGExNjI1N2Q3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[88119,82402,74891,74938,74939,75679,78261,73785],"class_list":["post-370621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin-watch","tag-ether-price","tag-ethereum","tag-ethereum-price","tag-market-analysis","tag-market-capitalization","tag-tech-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/370621","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=370621"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/370621\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/370622"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=370621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=370621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=370621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}