Technical analysis of Ethereum for February 4, 2021

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Ethereum has broken clearly above the Cup with handle neck-line at 1,385 which has activated the huge formation for a continuation higher towards the formation-objective at 2,674. The way to measure the target of a cup with handle is to measure from the bottom of the formation to the top of the formation and add the distance to the break-out point, which in this case gives a objective at 2,674.

The neckline at 1,385 will act a strong support in case a back-test is needed before the next part of the uptrend takes place.

Trading recommendation:

Buy Ethereum near 1,385 and place the stop at 1,310

The material has been provided by InstaForex Company - www.instaforex.com

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