Ethereum ETH/USD ends the trading week at 2060.07 and continues to move as part of the correction and the formation of a large “Head and Shoulders” reversal pattern. Moving averages indicate a bullish trend for ETH/USD. Prices are testing the area between the signal lines, which indicates pressure from cryptocurrency buyers and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop the price growth and test the resistance level near the area of 2395.05. Where can we expect a rebound again and the continuation of the fall in the rate and value of Ethereum with a potential target below the level of 905.05.
Cryptocurrency Ethereum Forecast July 26 — August 1, 2021
An additional signal in favor of a fall in ETH/USD quotes in the current trading week July 26 — August 1, 2021 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to reduce the value of the cryptocurrency in the current trading week will be strong growth and a breakdown of the level of 2995.05. This will indicate a breakdown of the resistance area and a continued rise in the ETH/USD quotes with a potential target above the level of 4195.05. Confirmation of the fall of the Ethereum cryptocurrency will be a breakdown of the support area and closing of quotations below the level of 1405.05, which will indicate a breakdown of the ”Neck” line of the “Head and Shoulders” reversal pattern.
Cryptocurrency Ethereum Forecast July 26 — August 1, 2021 implies an attempt to test the resistance area near the level of 2395.05. Where can we expect a rebound and the continuation of the fall of the cryptocurrency to the area below the level of 905.05. An additional signal in favor of a decline in the Ethereum rate will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 2995.05 area. In this case, we should expect a continuation of the rise with the target above the area of 4195.05.
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