RATE Group | Ethereum (ETH) Technical Analysis: Consolidation Almost Over, Which Way Will it Break?
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Ethereum (ETH) Technical Analysis: Consolidation Almost Over, Which Way Will it Break?

06 Aug Ethereum (ETH) Technical Analysis: Consolidation Almost Over, Which Way Will it Break?

Posted at 18:39h in Ethereum News by

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Nothing in this article is to be construed as investment advice. Neither the author nor the publication assumes any responsibility or liability for any investments, profits or losses you may incur as a result of this information.

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.

Bullish Signals

Looking at the…

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