Jack's Trading Room | ETHUSD Price Has Not Peaked Yet

Starting from April 01, 2021, we have been continuously updating the cup and handle pattern of Ethereum (the article was titled "Analysis of the Rising Pattern of ETHUSD Ethereum").

At that time, breaking through the upper trend line, excluding contracts and leverage, the return rate based solely on spot had already exceeded 30%, with the price lower than the high point of 1949.0. We also updated the article "ETHUSD Facing Key Resistance" on April 12, 2021.

Today, we also see the four-hour candlestick chart of ETHUSD. After forming a cup and handle pattern, Ethereum briefly retraced to the 127.2-138.2 Fibonacci resistance zone at 2127.85-2200.18.

The trend remains bullish, continuously breaking new highs, reaching a historical high of 2494.85 today. It is worth noting that the Fibonacci 161.8 resistance has also been broken at 2355.37, with the Fibonacci 200 target still unrealized at 2606.55.

This target is based on the cup and handle pattern price satisfaction, from the low point of 1291.45 to the high point of 1949.0 along the cup handle, taking a 1:1 equivalent price distance as the price satisfaction. Therefore, the price falls at the Fibonacci 200 level of 2606.55.

Originally, long positions in Ethereum were the same as long positions in Bitcoin, with a return rate exceeding a risk-reward ratio of 1:1. Therefore, protective stop-loss orders can be set, and patiently wait for the price to reach the target price for closing the position.

In recent days, the cryptocurrency market has experienced greater volatility, and operators are advised to strictly implement risk control measures and avoid high leverage and high contract volume operations to prevent additional losses caused by volatile market conditions. This article is for personal reference only. Please trade cautiously, as cryptocurrency trading may involve risks to your capital.

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