ETH/USD are trading at 2618 and continue to move as part of the development of the fall and the beginning of the “Wedge” pattern. Moving averages indicate a short-term bearish trend for Ethereum. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers and a potential continuation of the asset’s value decline from current levels. At the moment, we should expect an attempt to develop a bullish correction in the coin’s value and a test of the resistance level near the 2895 area. From where we should again expect a downward price rebound and a continuation of the Ethereum rate decline with a potential target below the 2195 level.
Ethereum Forecast and Analysis for August 16, 2024
An additional signal in favor of a fall in ETH/USD quotes will be a test of the resistance line on the relative strength indicator. The second signal will be a rebound from the lower border of the “Wedge” model. The cancellation of the cryptocurrency fall option will be a strong increase in the Ethereum value and a breakout of the 3145 level. This will indicate a breakout of the resistance area and a continuation of the rise in ETH/USD quotes to the 3725 level. With a breakout of the support area and closing of quotes below the 2475 mark.
Ethereum Forecast and Analysis for August 16, 2024 suggests an attempt at correction and a test of the resistance area near the 2895 level. Where should we expect a rebound and a continuation of the fall of the ETH/USD cryptocurrency to the area below the 2195 level. An additional signal in favor of the decline of Ethereum will be a test of the trend line on the relative strength indicator. The cancellation of the digital currency fall option will be a breakout of the 3145 area. Which will indicate a continuation of the rise of the digital currency with a potential target above the 3725 level.
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