Ethereum ETH/USD traded at the level of 458 and continue to move within the formation of the model «Triangle». At this point, we should expect an attempt to test the upper boundary of the model near the level of 470. Again, we should expect a rebound and the continued decline in the Ethereum rate with a target below 415 level.
Ethereum (ETH/USD) technical analysis July 31, 2018
In favor of the growth of quotations ETH/USD will test the bullish trend line on the indicator of relative strength index (RSI). Canceling the variant of the fall of the cryptocurrency will be a strong growth and breakdown of the 495 level, which will indicate the breakdown of the upper limit of the «Triangle» model and the continuation of the growth of the ETH/USD above the level of 510. With the breakdown of the lower limit of the model and the closing of quotations below the level of 450, it is necessary to confirm the development of a bearish trend in Ethereum.
Ethereum (ETH/USD) technical analysis July 31, 2018 suggests an attempt to test the resistance area near the 470 level, from which it is expected to rebound and continue the decline of the ETH/USD cryptocurrency in the area below the level of 415, an additional signal in favor of the Ethereum fall will be a resistance line test on the relative strength index (RSI).