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Ethereum eyes rally to $3K, with 39% ETH price rebound triggering a classic bullish pattern

Published 07/26/2021, 09:44 AM
Updated 07/26/2021, 11:20 AM
Ethereum eyes rally to $3K, with 39% ETH price rebound triggering a classic bullish pattern

The price of Ether (ETH) jumped to a three-week high on Monday, triggered by similar gains in the Bitcoin (BTC) market that appeared in the wake of rumors about Amazon’s foray into the cryptocurrency sector.

A job posting from the retail giant showed that it is seeking an executive to build its “digital currency and blockchain strategy.” Meanwhile, global media reports have been speculating, based on inside sources that Amazon (NASDAQ:AMZN) would start accepting Bitcoin as payments. As a result, the BTC/USD exchange rate surged to its six-week high after the news.

Ether bottomed out twice in a row near $1,700 in recent sessions. Source: TradingView
Ether's double bottom setup envisions price at or around $3,000. Source: TradingView
Ethereum's falling wedge setup. Source: TradingView

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