Ethereum
$257.25 0.76%
ETH · 1w

Ethereum Nears $200 on a Cup and Handle

Ethereum appears to have turned bullish, up since mid December from $120 to now just under $200.

In addition the second biggest crypto seems to have formed a pretty big textbook cup and handle on daily candles.

Ethereum cup and handle on daily, Chart from Tradingview.

A cup and handle is a bullish formation that suggests bears have been exhausted as shown by the price maintaining relative stability during the middle of the cup and by bears not being able to get far, so forming the handle instead of a new low.

You then have those green candles over the past few days with it now seemingly facing a bit of resistance at $200, but the real resistance is probably 0.023 BTC, or just $217.

Ethereum bitcoin ratio, Feb 2020

If you zoom out even more you’ll see that ₿0.023 line was very important in 2016. So if that goes down, then the road becomes a lot clearer.

Whether it will obviously depends on what bitcoin does. The major crypto has its own reasons for being bullish. So while maxis for now maybe have given up, they might get angery around ₿0.023.

Or might not. See how easy this is. The drive however is probably foundamentals and in particular what before was two years away is now weeks not months.

That’s the first phase of eth2.0, staking, while sharding is still two years away but there should be plenty of stake to keep everyone busy.

Potential futures might be another reason for the recent rise as Wall Street bankers might need some eth first before they can manipulate it.

Demand from relatively high interest rates in DeFi could be another factor. Better than saving through insurance anyway as dumb Germans are doing.

And ultimately it might just be that bears got too euphoric and all that bear stuff got a bit boring and no one cares about them anymore so maybe bulls now take the show.

Copyrights Trustnodes.com

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