Ethereum price action is at an interesting point, which could trigger a steep move in either direction. With Bitcoin’s boring consolidation, crypto tr
could be ending soon, especially for Ether, as the open interest rose by nearly 500 million in the last three days from $6.09 billion to $6.58 billion. When the breakout does occur, one cap is likely to get caught in the wrong direction, causing liquidations in the millions. Fundstrat's Tom Lee's Bitcoin target is $180,000 if SEC approves first spot BTC ETF in the USEthereum price set up an ascending triangle formation between May 28, 2022, and August 14, 2023.
On the contrary, Ethereum price breached the setup to the downside on August 13 and is on its way to confirming the breakdown by producing a three-dayclose below it. If this outlook does play out, instead of the 45% rally, ETH could crash by 45% and revisit the next key level at $998. But in some cases, ETH could stop around or above the $1,000 psychological level, which is not too far away from the theoretical target.Breaking: $1.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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