Ethereum Price Forms Megaphone Bottom Not Seen Since 2020, Heres What Happened Last Time

Crypto analyst TradingShot has revealed that the Ethereum price has formed a megaphone bottom which has not been seen since 2020. The analyst revealed what happened the last time ETH formed this bottom, which provides a bullish outlook for the altcoin.  Ethereum Price Forms Megaphone Bottom In a TradingView post, TradingShot stated that the Ethereum price has formed a megaphone bottom like in March 2020. He noted that ETH is currently on the first week of a rebound after recording three consecutive red weeks when it could not break above the 1-week MA50. The analyst further remarked that ETH is taking on a lower lows trendline, which is technically the bottom of a 1-year megaphone since the March 11, 2024 high. Related Reading: Ethereum Price Prediction: Extremely Strong Support And Monthly 55 EMA Says ETH Is Headed For $4,867 TradingShot claimed that the market is no stranger to long-term megaphone consolidation periods like that. He stated that the Ethereum price eventually broke upward the last time it formed this megaphone between June 2019 and March 2020, which happened after the brutal COVID crash bearish leg that touched bottom.  He noted that the March 2020 period is quite similar to the current bearish Ethereum price action since late December. The analyst then highlighted how perfectly aligned the Fibonacci retracement levels are. Based on this development, he predicted that the Ethereum price could at least test the 1.5 Fibonacci extension at $6,000 before this cycle tops at the end of the year.  Crypto analyst Crypto Patel also raised the possibility of the Ethereum price rallying to as high as $8,000. He suggested that this parabolic move could happen in phase E of ETHs bull run. He indicated that ETH could face significant resistance at around $4,050 to this price level.  Bullish Fundamentals For ETH Despite its underperformance, the Ethereum price has bullish fundamentals, which could spark a reversal to the upside and cause it to reach new highs. Crypto analyst Alternative Bull revealed that the exchange reserves of ETH are significantly declining. He remarked that this would lead to a limited supply which makes it only a matter of time before ETH goes parabolic. In line with this, the analyst affirmed that the altcoin is still in the early phases of its bull run.  Related Reading: Crypto Analyst Publishes Insanely Bullish Report For Ethereum, Here Are The Facts Crypto analyst Ali Martinez has also revealed that whales are actively accumulating ETH, which is bullish for the Ethereum price. In an X post, he stated that 360,000 ETH were withdrawn from crypto exchanges in the last 48 hours, a development that could spark a supply shock.  It is also worth mentioning that the Ethereum price could soon witness a supply shock through the ETH ETFs. Asset managers like Bitwise have filed with the US SEC to include staking in their funds. If approved, this could take more ETH out of circulation as some institutional investors opt to stake their ETH to receive yields.  At the time of writing, the Ethereum price is trading at around $1,969, down almost 2% in the last 24 hours, according to data from CoinMarketCap. Featured image from Unsplash, chart from Tradingview.com

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Understanding Bitcoins Megaphone Pattern: A Guide to Trading

Bitcoin’s Megaphone Pattern: A Trading Guide Bitcoin, the leading cryptocurrency, has been exhibiting a unique chart pattern known as the Megaphone Pattern. This pattern is characterized by widening price fluctuations, creating a shape reminiscent of a megaphone. Understanding how to interpret and trade this pattern can be crucial for investors looking to capitalize on Bitcoin’s [...]

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Bitcoin Bulls Persists: Analyst Identifies Trend As Catalyst To $60,000

As the entire cryptocurrency market is currently experiencing a notable upward trajectory, several market analysts are anticipating more gains for Bitcoin, the leading cryptocurrency asset, as they predict the token’s price to go even higher. Historical Trend That Will Send Bitcoin To $60,000  Crypto Jelle, a cryptocurrency analyst and investor, has expressed his optimism toward Bitcoin’s price action. Jelle recently shared a positive prediction for BTC in the near future on the social media platform X (formerly Twitter). Related Reading: Crypto Analyst Says Bitcoin At $100,000 Not Far Off, Heres When The expert’s projections delve into the present price movement of Bitcoin and its potential to increase even further. He highlighted a trend which serves as a catalyst for a price increase. Jelle’s X post was accompanied by a chart that shows that the crypto asset has formed a “Bullish Megaphone” pattern. According to him, this is “yet another bullish megaphone pattern,” suggesting the price will go higher, putting his price target at $60,000. If Bitcoin manages to maintain its current momentum amid the crypto market’s rally, it is possible that BTC’s price might reach $60,000. In another X post, Jelle also pointed out that the token is presently in an area in which it normally sees the best gains. Jelle revealed that the BTC always experiences the best return when its “weekly Relative Strength Index (RSI) is above 70.” Due to this, he has urged his thousands of followers to invest significantly in the token to position themselves for more gains. BTC finished the previous week on a bullish note, staying put above the $52,000 threshold in the face of strong opposition. This simply suggests a strong faith and dependency on the digital asset from investors. After going past the $52,000 level, it set a new weekly culmination record spanning two years. Because of Bitcoin’s tenacity and upward movement, investors and market watchers are anticipating what lies ahead. Massive Whale Moves Amid Price Rally In light of BTC’s rally, Whale Alert has reported massive whale transactions carried out hours ago. Whale Alert revealed that around 18,484 BTC valued at about $962 million were taken out of the decentralized exchange Coinbase. Related Reading: Bitcoin Whales Increase Holdings By 4.5%, Getting Ready For Rally? The on-chain tracker reported that the aforementioned withdrawals were carried out in two distinct transactions. Whale Alert noted that the first transaction saw 9,322 BTC worth approximately $485 million being withdrawn from Coinbase. Meanwhile, the second transaction witnessed 9,162 BTC valued at about $476 million being extracted from the same exchange. Both wallet addresses involved in the withdrawal appear to be new ones, as they had no previous transaction history. As of the time of writing, Bitcoin was trading at $52,336, indicating an increase of over 9% in the past 7 days. Despite the price rise, its trading volume appears to be down by over 10% in the past 24 hours. Featured image from iStock, chart from Tradingview.com

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Bitcoins $270K-300K Price Target Predicted by Giant Megaphone Pattern

Bitcoin could be on the verge of a significant breakout as charts reveal the formation of a “megaphone pattern.” Analysts predict a potential price target ranging from $270,000 to $300,000 for BTC. The megaphone pattern is characterized by a series of higher highs and lower lows, creating a widening trading range. This pattern often indicates [...]

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Bitcoins Massive Megaphone Pattern Points to a Price Target of $270,000-$300,000

Bitcoin has formed a pattern known as the “megaphone” on the charts, which could potentially lead to a price target of $270,000 to $300,000 for BTC. This pattern typically indicates increased volatility and uncertainty in the market. Analysts believe that if Bitcoin continues to follow this pattern, it could reach new all-time highs in the [...]

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