Hormuz Tensions Ease, Ethereum Breaks Out
Easing tensions in the Strait of Hormuz have given investors a boost, including those who trade cryptocurrency. On August 8th, Iran reported progress in talks with Oman over a new route through the strait, reducing concerns about potential disruptions to energy supplies.
This improvement in sentiment has affected Ethereum, which had been trading within a contracting triangle pattern. The price peaked at $1,975 in late July and formed a triangle below it. On August 10th, a large red candle broke out of the triangle, signaling increased selling pressure.
The breakout occurred with an increase in volume, indicating stronger selling activity. The Relative Strength Index (RSI) + Moving Averages (MAs) indicator shows readings of 32, 52, and 53, with the oscillator moving out of the neutral zone.