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

Cryptocurrency Jul 24, 2022 03:00PM ET
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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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Ethereum price 'cup and handle' pattern hints at potential breakout versus Bitcoin
 

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Comments (3)
Devon Haverly
Devon Haverly Jul 25, 2022 11:25AM ET
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Cup and handle is a 50/50 kind of pattern… it could play out either way.
Brad Albright
Brad Albright Jul 24, 2022 5:35PM ET
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Another crypto article by an author who dose not disclose his positions.
Jeff Bailey
JeffB Jul 24, 2022 4:42PM ET
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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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