Ethereum are trading at 1622 and continue to move as part of a correction and a bullish channel. The potential for the formation of a reversal pattern ”Wedge” remains. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $197,231,715,204. Moving averages indicate a short-term bullish trend for Ethereum. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers and a potential continued growth in the value of the asset already from current levels. At the moment, we should expect an attempt to develop a rise in the value of the coin and a test of the resistance level near the 1765 area. From where we should again expect a rebound down and a continuation of the fall in the Ethereum rate with a potential target below 1005.
Ethereum Forecast and Analysis August 5, 2022
An additional signal in favor of falling ETH/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the bullish channel, as well as from the upper boundary of the “Wedge” reversal pattern. Cancellation of the cryptocurrency fall option will be a strong growth and a breakdown of the level of 2095. This will indicate a breakdown of the resistance area and continued growth of ETH/USD quotes above the level of 2625. With the breakdown of the support area and the closing of quotes below the level of 1455, which will indicate a breakdown of the lower border of the reversal pattern ”Wedge” and start working on this model with targets below.
Ethereum Forecast and Analysis August 5, 2022 suggests an attempt to correct and test the resistance area near the level of 1765. Where should we expect a rebound and a continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 1005. An additional signal in favor of the fall of Ethereum will be a test of the trend line on the relative strength indicator. Cancellation of the option to reduce the digital currency will be a breakdown of the area of 2095. Which will indicate a continued rise in the digital currency with a potential target above the level of 2625.
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