"Ethereum (ETH) daily chart shows double bottom pattern… $3,900 recovery scenario emerges"
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Summary
- Cointelegraph reported that Ethereum (ETH) formed a double bottom pattern on the daily chart, raising the possibility of a technical rebound.
- $3,900 was presented as the technical target price if the double bottom pattern is completed, and the possibility of a meaningful trend reversal beyond a short-term rebound was also mentioned.
- The key variable cited was the recovery of the 200-day exponential moving average (EMA), and it said that if the EMA settles above its upper side, ETH could enter a mid-to-long-term rebound.
A so-called 'double bottom' pattern has been observed on the Ethereum (ETH) daily chart, raising the possibility of a technical rebound.
On the 6th (local time), crypto-focused media Cointelegraph said in a recent analysis, "ETH has been showing a flow of forming a double bottom (double bottom) pattern since the fourth quarter of last year," adding, "this means buying demand at a major support area has repeatedly succeeded in defending it."
The outlet said, "If the double bottom pattern is completed, the technical target price would be about 20% higher than the current price, at around $3,900," and "there is the possibility of a meaningful trend reversal beyond a short-term rebound."
However, it pointed to whether the 200-day exponential moving average (EMA) recovers as a key variable. Cointelegraph noted, "Since ETH shifted to a bearish trend in November last year, it has attempted to recover the 200-day EMA twice but failed both times, and each time the price continued to fall."
It added, "If, on the daily chart, a candle settles and closes above the upper side of the 200-day EMA, it can be interpreted as a signal of breaking the long-term trend resistance line," and "in that case ETH would be more likely to enter a mid-to-long-term rebound phase."
