Trend Reversal Pattern on Weekly ETH Chart: $5,600 Breakout Expected

IconCryptoNewsTerminal Staff16 Jul, 2024

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Trend Reversal Pattern on Weekly ETH Chart: $5,600 Breakout Expected

Peter Brandt, a well-respected trader, recently pointed out a "Horn Bottom pattern" on the weekly ETH/USD chart on GDAX. This pattern typically indicates a trend reversal, potentially from bear to bull. Brandt believes that the next target for ETH is $5,600. The Horn Bottom pattern is a bullish reversal pattern that forms when prices trend down and then reverse course, creating a "V" shape. The pattern is confirmed when prices break above the neckline of the "V". In the case of ETH, the neckline is at $5,600. If the Horn Bottom pattern plays out, it could signal a significant trend reversal for ETH. The breakout above $5,600 would be a strong confirmation of this reversal.

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