GOLDWELL：Daily Market Recap – ETHUSD Price Target Above ATH?

Ethereum, the second-largest cryptocurrency reached a new all-time high on Friday. The cryptocurrency rose 3.75 percent to $4,450 surpassing the previous high of $4,380 set on May 12.

Meanwhile, Mark Zuckerberg announced that the parent company of social network Facebook will change its name on October 28, 2021, during an event called Facebook Connect. The group is now called Meta (hint at the metaverse), a direct reference to a pharaonic project he intends to develop.

The theoretical target for this pattern is calculated by taking the height of the cup to the breakout point of the handle. Therefore, the technical targets are at $5,100 and then $6,135. Of course, this scenario will be invalidated if Ethereum falls back towards $3,250.

(Chart Source: Tradingview 29.10.2021)

Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.