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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

What This Pattern Spells For Ethereum In The Coming Weeks, Pullback In The Cards?

Best Owie
Best Owie
1 year ago
2 mins read
Ethereum

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Ethereum had seen some uptrend that had sent the price up at the start of the week, finally breaking above $3,000 once more. However, the digital asset has had a hard time maintaining this position in what it showing to be a ‘takeout.’ Raoul Pal, CEO, and co-founder of Real Vision, recently presented his analysis on the digital asset, explaining when and how a breakout might occur.

Where Is Ethereum Headed?

Taking a look at the inverse head and shoulders pattern that began forming on Tuesday, Pal points to this pattern which was still confirming but still showed some indicators for the digital asset. He pointed to the fact that the Daily DeMark had been showing a 13 and a 9 on Wednesday. And what this means was that the breakout of the early week would probably fail on the first try, which it did as Ethereum had fallen below $3K.

BUT, Daily DeMark is showing a 13 and a 9 tomorrow… so breakout possibly fails on first attempt, which is pretty typical of this pattern. Usually a trend line sharp pullback into middle of wedge and then upside break… pic.twitter.com/ZyaxhTIZmY

— Raoul Pal (@RaoulGMI) March 22, 2022

Explaining further, Pal explained what this could mean for the digital asset. The inverse head and shoulders had been validated by the Weekly DeMark 9 that is currently in place, proven by the pattern accurately nailing the low of the price of the cryptocurrency.

Related Reading | HubSpot Hack Results In Data Breach Of Major Companies Like Circle And BlockFi

But the probability that the inverse head and shoulder is valid is increased significantly by the Weekly DeMark 9 that is in place…nailed the low pretty much perfectly. pic.twitter.com/7W7dqMJQxl

— Raoul Pal (@RaoulGMI) March 22, 2022

ETH/BTC continues to run a consolidation though, the CEO pointed out. Adding that this should continue to move towards the top of the flag. After this, the price of the digital asset is expected to break out in due course.

Ethereum price chart from tradingview.com

ETH breaks above $3,000 | Source: ETHUSD on TradingView.com

This analysis by Pal is expected to play out through the next week. As with any analysis, time will tell if the prediction is accurate or if Ethereum will end up moving in a completely different direction.

Related Reading | Why Ethereum Is Outperforming Bitcoin Again

As for the digital asset, it continues to trend just around $3,000. This resistance point which had been broken yesterday has proven to be hard to beat for the cryptocurrency. However, with momentum rising, it very well could once more break above it and find support. But it still strongly remains a seller’s market which means the probability for a downtrend is more likely.

The price of Ethereum is trading at $3,004 at the time of writing. Bears are still mounting significant resistance at this point, as evidenced by the slight dip that has followed this break above $3,000.

Featured image from CNBC, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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Ad discliamer

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