Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject
In the days leading up to the beginning of 2023, the native token of Ethereum, Ether (ETH), is expected to witness a significant price increase in comparison to its primary rival, Bitcoin.
The “cup-and-handle” pattern, which is well-known in technical analysis, contains the majority of the bullish indications. It appears when the price falls while remaining above a common resistance level and then recovers in a U-shape (cup) (neckline).
Read AMBCrypto’s Price Prediction for Ethereum [ETH] 2023-24
Experts consider the cup and handle pattern to be bullish, and veteran analyst Tom Bulkowski notes that the pattern meets its profit target 61% of the time. A cup-and-handle pattern’s theoretical profit objective is calculated by adding the neckline level to the distance between the pattern’s neckline and lowest point.
Around the $1,280 support level, where the price of Ethereum displayed remarkable endurance, there was a tight consolidation and sideways movement. However, the breakout was almost as remarkable as ETH increased by 25% in just five days, creating a local peak of $1,594. In fact, it went on to climb even higher soon after.
The price of Ethereum may overcome this barrier and head for the psychologically significant $2,000 level, depending on the state of the market and the bullish momentum. Investors would gain 44% overall from this move, which indicates that this is where ETH’s upward potential is limited.
Given everything, buying Ethereum must be a sound investment in the long term, right? Most experts have positive predictions for ETH. Furthermore, the bulk of long-term Ethereum price projections are upbeat.
Why are projections important?
Since Ethereum has seen phenomenal growth in recent years, it is not surprising that investors are placing significant…
![Anticipation for Ethereum [ETH] 2.0 rises as metric reaches all-time high](https://crypto.newswireservice.net/wp-content/uploads/2023/01/ethereum-wale-1000x600-350x250.jpg)
