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ETH Potential Breakout - Cup and Handle Formation
Written by Jordan Bodnar, 16.10.2017
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Since mid-June ETH has been forming a cup and handle formation on the daily timeframe. Recent move from $407 peak to retraction and reversal show a defined cup has already formed with a dip almost two-thrids (65.8%) of the crypto's price. Volatility is a major factor here so be on the lookout.
The current handle has shown quick consolidation as it moves back up to the ~$400 resistence limit however it is not a perfect fit - forming more of a V rather than a U. An increase in volume will be a telling confirmation of the move towards a breakout.
The exact time of breakout will rely on a specific trigger - and we're looking at the Ethereum Metropolis fork as an opportunity. Our pattern recognition algorithm shows a similar direction projecting ETH to be above $500 by the end of the month. One of the more volatile predicted patterns even shows prices rising one-hundred percent. Stay tuned - the next two weeks will be interesting.
Technical analysis by Michael Sefton