Ethereum is resting along the $ 400 support when candles begin to tightly tighten within the breakthrough area of a nearly eight-month downward triangle pattern. It will be difficult to predict what the way the resource will break out of this model in the next week. The market is still recovering from the sudden depreciation of Bitcoin over the last seven days and Ethereum has struggled to maintain bullish support from the beginning of August.
With the US Securities and Exchange Commission will soon decide whether to allow or not the VanEck ETF, the entire cryptography market is investing with caution. The outcome of the Commission decision could very well be the opening or the end of the market that will go into Q4 this year
Looking at the chart above the 1D spark plugs, it is possible to see that the resource has the potential to be overwhelmingly released from the basic support, as it did previously. The higher price target for this breakout could be around $ 640 if support can test the new resistance trend line (blue), which links the last two bullish peaks. This movement would represent over 60% gain in overall value from the curr …
This article appeared for the first time on Cryptovest
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