Ethereum ETH/USD ends the trading week at 3176 and continues to move within the correction and the formation of the “Triangle” reversal pattern. Moving averages indicate a bullish trend for ETH/USD. Prices are again testing the area between the signal lines, which indicates pressure from cryptocurrency buyers and potential continuation of growth from current levels. At the moment, we should expect an attempt to develop a price decline and a test of the support level near the 2965 area. From where we should again expect an upward rebound and continued growth in the rate and cost of Ethereum with a potential target above the 4735 level.
Ethereum Forecast and Analysis August 5 — 9, 2024
An additional signal in favor of the growth of ETH/USD quotes in the current trading week of August 5 — 9, 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 for the rise in the value of the cryptocurrency in the current trading week will be a fall and a breakout of the level of 2675. This will indicate a breakout of the resistance area and continued growth of ETH / USD quotes with a potential target above the level of 2235. The growth of the Ethereum cryptocurrency will be confirmed by a breakout of the resistance area and closing of quotes above the level of 3905, which will indicate a breakout of the upper border of the “Triangle” pattern and the beginning of the pattern with targets at the top.
Ethereum Forecast and Analysis August 5 — 9, 2024 suggests an attempt to develop a bearish correction and test the support area near the level of 2965. From where we should expect an upward rebound and continued growth of the cryptocurrency to the area above the level of 4735. 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 cancellation of the growth option will be a fall and a breakout of the 2675 area. In this case, we should expect a continuation of the decline with a target below the 2235 area.
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