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Ethereum ‘double Doji’ pattern hints at a 50% ETH price rally by September

Published 06/08/2022, 09:28 AM
Updated 06/08/2022, 02:00 PM
Ethereum ‘double Doji’ pattern hints at a 50% ETH price rally by September

Ethereum's native token, Ether (ETH), looks poised to undergo a sharp upside retracement in the coming weeks after painting a so-called "double Doji" pattern, accompanied by a few bullish technical indicators.

To recap, a Doji is a candlestick that forms when a financial instrument opens and closes around the same level on a specified timeframe, be it hourly, daily or weekly. From a technical perspective, a Doji represents indecision in the market, meaning a balance of strength between bears and bulls.

ETH/USD weekly price chart featuring two Doji formations in a row. Source: TradingView
ETH/USD weekly price chart featuring Fib support and resistance targets. Source: TradingView
ETH/USD weekly price chart. Source: TradingView

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