Ethereum ETH/USD ends the trading week at 2595 and continues to move within the correction and bullish channel. Moving averages indicate a bullish trend for ETH/USD. Prices have broken through the area between the signal lines downwards, which indicates pressure from cryptocurrency sellers and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a price decline and a test of the support level near the 2275 area. From where we should again expect an upward rebound and continued growth of the rate and cost of Ethereum with a potential target above the level of 3735.
Ethereum Forecast and Analysis August 12 — 16, 2024
An additional signal in favor of the growth of ETH/USD quotes in the current trading week of August 12 — 16, 2024 will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the option of increasing the value of the cryptocurrency in the current trading week will be a fall and a breakout of the level of 1945. This will indicate a breakout of the resistance area and continued growth of ETH/USD quotes with a potential target above the level of 1465. The growth of the Ethereum cryptocurrency will be confirmed by a breakout of the resistance area and closing of quotes above the level of 3045, which will indicate a breakout of the upper border of the bearish correction channel.
Ethereum Forecast and Analysis August 12 — 16, 2024 suggests an attempt to develop a bearish correction and test the support area near the level of 2275. From where we should expect an upward rebound and continued growth of the cryptocurrency to the area above the level of 3735. An additional signal in favor of the rise in the Ethereum rate will be a test of the trend line on the relative strength indicator. The growth option will be cancelled by a fall and a breakout of the 1945 area. In this case, we should expect a continuation of the decline with a target below the 1465 area.
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