ETH/USD are trading at 3341 and continue to move within the framework of the development of growth and a bullish channel. Moving averages indicate a short-term bearish trend for Ethereum. Prices are testing the area between the signal lines again, indicating pressure from sellers and a potential continuation of the asset’s fall from current levels. At the moment, we should expect an attempt to develop a bearish correction in the coin’s value and a test of the support level near the 3165 area. From where we should again expect an upward price rebound and continued growth of the Ethereum rate with a potential target above the 4035 level.
Ethereum Forecast and Analysis for August 1, 2024
An additional signal in favor of growth in ETH/USD quotes 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 cryptocurrency rise option will be a fall in the Ethereum price and a breakout of the 3035 level. This will indicate a breakout of the support area and a continuation of the fall of ETH/USD quotes to the 2545 level. With a breakout of the resistance area and closing of quotes above the 3665 mark.
Ethereum Forecast and Analysis for August 1, 2024 suggests an attempt at correction and a test of the support area near the 3165 level. Where should we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the 4035 level. An additional signal in favor of Ethereum growth will be a test of the trend line on the relative strength indicator. The cancellation of the digital currency rise option will be a breakout of the 3035 area. Which will indicate a continuation of the decline of the digital currency with a potential target below the 2545 level.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
