Ether is making gains against Bitcoin, but will it last? A classic technical pattern suggests that ETH fans have reason to be bullish.
The bullish cues come from a classic technical pattern called the, which develops when the price forms three troughs below a common support level known as neckline. The middle trough, or head, is deeper than the other two, called the shoulders.
An inverse head and shoulders setup resolves after the price breaks above the neckline while accompanying an increase in trading volume. As a rule of technical analysis, its profit target comes at a length equal to the maximum distance between the head's lowest point and the neckline. So far, Ether has painted a similar pattern, and it now awaits breakout above the neckline, as illustrated in the chart below.If ETH's price climbs decisively above the neckline, then the Ethereum token's upside target in 2022 will be around 0.136 BTC, up approximately 60% from current price levels.The breakout moment could come ahead of Ethereum's switch from proof-of-work to proof-of-stake .
While the Merge is touted by proponents as a less energy-intensive alternative to PoW, the update could also
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