Ethereum (ETH) Chart – "Cup and Handle" Pattern
The chart illustrates the technical "Cup and Handle" pattern on a weekly timeframe for the ETH/USD pair.
"Cup and Handle" Pattern
Definition: This is a continuation pattern in an uptrend, suggesting a potential breakout to the upside.
Cup: A rounded decline and recovery in price, forming a shape resembling a cup.
Handle: A short-term consolidation or correction that precedes the breakout.
Key Levels
Support: $2,141.30 (lower boundary of the pattern).
Resistance: $4,092.59 (upper boundary of the pattern).
Potential breakout target: $7,262.69 (measured by the distance from the bottom of the cup to the upper boundary of the pattern).
RSI (Relative Strength Index)
Current RSI: 53.89, indicating a neutral market sentiment.
Implication: Further upside potential exists if RSI surpasses the 60 level, signaling bullish momentum.
2025 Forecast
If ETH breaks out of the "Cup and Handle" pattern, the price could reach $7,200, representing a gain of over 100% from current levels.
This pattern suggests a bullish outlook for Ethereum, with a significant upside potential if the breakout occurs.