Ethereum (ETH) Technical Analysis: Consolidation Almost Over, Which Way Will it Break?
Cryptovest
Published Aug 06, 2018 02:01PM ET
Updated Aug 06, 2018 03:20PM ET
Ethereum (ETH) Technical Analysis: Consolidation Almost Over, Which Way Will it Break?
Ethereum is resting along the $400 support as candles begin to tightly consolidate inside the breakout area of a nearly eight-month-long descending triangle pattern. Predicting which way the asset will breakout from this pattern over the next week will be difficult. The market is still recovering from Bitcoin’s sudden depreciation over the last seven days and Ethereum has struggled to hold on to bullish support since the start of August.
With the U.S Securities and Exchange Commission soon to decide whether to allow VanEck’s Bitcoin ETF or not, the whole crypto market is investing cautiously. The outcome of the Commission’s decision could very well be the make or break of the market going into Q4 this year.
Looking at the ETH/USD chart over 1D candles you can see that the asset has the potential to breakout bullishly off the base support, as it has done once before. The top price target for this breakout could be around $640 if support can test the new resistance trendline (blue), which connects the last two bullish peaks. This movement would represent over a 60% gain in value overall from the curr...
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