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#EthereumNews #CryptoNews
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Transcript:
0:00:00 Here’s Why Ethereum (ETH) Could Rise Substantially
0:00:03 This update is brought to you by "CoinCheckup News Updates" and was originally published on "NewsBTC".
0:00:09 Ethereum could start rallying to the upside in the coming days, according to a textbook technical indicator.
0:00:15 Prominent market analyst Jonny Moe noted Ethereum trending inside a Falling Wedge pattern, confirmed by converging trend lines, forming lower highs and lower lows.
0:00:25 The ETH/USD instrument is about to reach the apex of Wedge which, according to the pattern’s typical behavior, could result in a breakout to the upside.
0:00:33 The statement followed a deeper downside correction in the Ethereum spot market from its year-to-date high of $364.59. The altcoin yesterday extended its drop by as much as 55 percent, sparking fears among speculators about a further wild downswing.
0:00:50 A similar sentiment in the bitcoin market swelled the bearish bias of the altcoin market, given the latter typically tails the former’s trend.
0:00:58 American broadcaster Max Keiser on Thursday spoke on a different line.
0:01:02 He indicated that bitcoin would eat a considerable share of the cryptocurrency market, leaving altcoins like Ethereum to look for leftovers.
0:01:10 “New ATH for Bitcoin hashrate as dies and players position themselves strategically ahead of BTC’s move back to 85% dominance.
0:01:19 BCH and BSV are particularly vulnerable.
0:01:23 Going by Moe’s analysis, Ethereum is looking towards a strong rebound, with an upside breakout target lurking around the $288-300 area.
0:01:32 Bullish confirmation of the Falling Wedge pattern would come once the price breaks above the resistance trendline with an expansion of volume.
0:01:39 Thereon, Ethereum would retest the lower high formations on the Moe’s charts, which coincides with $187.92, $193.60, $225.26, $239.92, and eventually the $288-300 area as mentioned above.
0:01:60 Thanks for checking out this video!
If you wanna read the whole article you can go to CoinCheckup.com or go to: "NewsBTC", who originally published this news update on their website.
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