Bullish patterns may form after a market downtrend, and signal a reversal of price movement. They are an indicator for traders to consider opening a long position to profit from any upward trajectory.
Hammer
The hammer candlestick pattern is formed of a short body with a long lower wick, and is found at the bottom of a downward trend.
A hammer shows that although there were selling pressures during the day, ultimately a strong buying pressure drove the price back up. The colour of the body can vary, but green hammers indicate a stronger bull market than red hammers.

Inverse hammer
A similarly bullish pattern is the inverted hammer. The only difference being that the upper wick is long, while the lower wick is short.
It indicates a buying pressure, followed by a selling pressure that was not strong enough to drive the market price down. The inverse hammer suggests that buyers will soon have control of the market.

Bullish engulfing
The bullish engulfing pattern is formed of two candlesticks. The first candle is a short red body that is completely engulfed by a larger green candle.
Though the second day opens lower than the first, the bullish market pushes the price up, culminating in an obvious win for buyers.

Piercing line
The piercing line is also a two-stick pattern, made up of a long red candle, followed by a long green candle.
There is usually a significant gap down between the first candlestick’s closing price, and the green candlestick’s opening. It indicates a strong buying pressure, as the price is pushed up to or above the mid-price of the previous day.

Morning star
The morning star candlestick pattern is considered a sign of hope in a bleak market downtrend. It is a three-stick pattern: one short-bodied candle between a long red and a long green. Traditionally, the ‘star’ will have no overlap with the longer bodies, as the market gaps both on open and close.
It signals that the selling pressure of the first day is subsiding, and a bull market is on the horizon.

Three white soldiers
The three white soldiers pattern occurs over three days. It consists of consecutive long green (or white) candles with small wicks, which open and close progressively higher than the previous day.
It is a very strong bullish signal that occurs after a downtrend, and shows a steady advance of buying pressure.

#EarnFreeCrypto2024

The approval of the highly anticipated Ethereum ETF has excited many investors in the crypto industry. As investors and traders scramble to position themselves for the potential price movements, a prominent crypto analyst known as “Emperor” on X has shared a detailed strategy for navigating the upcoming Ethereum token plays. He pointed out Ethereum plays that could soar and those that investors should consider avoiding.

The Ethereum ETF Approval: A Game-Changer

According to Emperor, the approval of the Ethereum ETF has swiftly shifted market sentiment towards accumulating tokens with high “ETH Beta” – a measure of how closely a token’s price follows Ethereum’s price movements. Drawing parallels to the Bitcoin ETF approval in January, Emperor expects a similar surge in Ethereum’s price, followed by a potential retrace as the market reacts to the news.

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Show more +Show less – Top Ethereum Token Plays to Watch

Among the tokens Emperor highlights as strong contenders for the Ethereum ETF play are:

Pendle (PENDLE): Described as one of the strongest tokens for this narrative, Pendle recently saw a price correction due to the EIGEN airdrop but has shown remarkable strength following the ETF news.

Pepe (PEPE): Recognized as an obvious play for the ETH Beta, Pepe has maintained a robust uptrend, indicating that insiders may have front-run the ETF approval.

Ethereum Name Service (ENS): With Vitalik Buterin’s endorsement throughout the year, ENS is a token Emperor is betting on, as it was one of the few coins that didn’t retrace during the Bitcoin ETF approval.

Ethena (ENA): Backed by a strong team and with no investor unlocks for a while, ENA could potentially see adoption by exchanges and perform well in bullish conditions.

Arbitrum (ARB): After underperforming for a while, ARB is back on track following the ETF announcement, though Emperor personally avoids it.

Lido DAO (LDO): Depending on the approval of staking in the ETF, LDO could see a pump.

Potential Disappointments

While highlighting potential winners, Emperor also cautions about tokens that might disappoint, such as:

Renzo (REZ): Despite its recent listing on Binance, REZ hasn’t shown significant strength following its launch and is already 30% down.

Governance tokens with limited utility: Tokens like REZ, XAI, and Ether.fi (ETHFI) are flagged for their bad tokenomics and limited real-world use cases, potentially leading to a complacency bounce before further declines.

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The post 9 Ethereum (ETH) Tokens Set to Soar or Decline Post-ETF Approval: PEPE, Arbitrum (ARB), Renzo (REZ), and Others in Focus appeared first on CaptainAltcoin.