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Ethereum price 'cup and handle' pattern hints at potential breakout versus Bitcoin

Published 07/23/2022, 01:46 PM
Updated 07/24/2022, 03:00 PM
Ethereum price 'cup and handle' pattern hints at potential breakout versus Bitcoin

Ethereum's native token Ether (ETH) has rebounded 40% against Bitcoin (BTC) after bottoming out locally at 0.049 on June 13. Now, the ETH/BTC pair is at two-month highs and can extend its rally in the coming weeks, according to a classic technical pattern.

Specifically, ETH/BTC has been forming a "cup and handle" on its lower-timeframe charts since July 18.

ETH/BTC four-hour price chart. Source: TradingView
ETH/BTC weekly price chart. Source: TradingView/Michaël van de Poppe

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Latest comments

Cup and handle is a 50/50 kind of pattern… it could play out either way.
Another crypto article by an author who dose not disclose his positions.
That’s the dynamic over the last three years. Even a BTC bull wants to see ETH lead higher and pull BTC along for the ride. If the pattern doesn’t play out, then more than likely, BTC and others retreat as well.
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