A technical look at Ethereum's movements points to further upside potential


Ethereum could rise nearly 60% in the coming sessions as bulls pin their hopes on a traditional bullish continuation model. Matthew Hyland, an independent analyst, suggested in a tweet published on Monday that prices could rise to or above $6,500. Currently at $4,100 after the cup and handle ended.

Perfect Cup and Handle Retest

The Highland chart shows that Ethereum returned to the old resistance point of the previous cup and handle pattern in a corrective move that started after the cryptocurrency hit a record high of $4,867 on November 10. After Ethereum tested the cup and considered the resistance as a temporary support, a slight bounce occurred, increasing the chances of a longer upward movement in the future.

These early gains tend to tie up two groups of buyers: longs who enter deep into the pattern hoping for a breakout but fail, and longs who chase the breakout but see their small gains evaporate after sudden bearish reversals, prompting them to defend their positions.

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