Potential Bullish Breakout on ETH with Cup and Handle Formation
2025-01-20
Category: None

The ETH/USDT chart displays a classic Cup and Handle formation, a chart pattern indicative of a bullish continuation.

Cup: The initial curved phase illustrates a correction followed by a recovery, suggesting consolidation.

Handle: The current consolidation in the form of a descending channel could serve as an accumulation zone before a potential breakout.

Technical Targets:

Key level to break: $4,150. A close above this resistance could confirm the pattern.

Theoretical target: Upon confirmation of the breakout, the projected target is around $7100 & $9,842, based on the height of the "Cup."

Monitor volumes and price action around the red resistance zones to validate this scenario.

