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31 July 2021

16% Ethereum price rebound activates a classic bullish pattern — $2.5K next?

16% Ethereum price rebound activates a classic bullish pattern — $2.5K next?


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The latest bounce in the Ethereum market also originated from a support level that had earlier capped Ether's downside attempts.

Independent market analyst, known by the pseudonym Rekt Capital, flashed a so-called "orange area" on a weekly ETH/USD chart, illustrating three bearish wicks and their ability to shied the pair from falling lower.

"ETH has rallied +16% since rebounding from the orange area," the analyst explained, coupling the price floor with a support trendline that apprehensively constituted a Falling Wedge.

In detail, Falling Wedges are bullish reversal patterns that start wide at the top but start contracting as the prices move lower, forming a sequence of lower highs and lower lows.

The daily Ethereum chart shows price could fluctuate between $1,850-2,080 before the potential bullish breakout, noted Rekt Capital.

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cointelegraph.com
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