ETH/USD are trading at 3197 and continue to move within the development of the fall and the bullish channel. Moving averages indicate the presence of a short-term bearish trend for Ether. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers and a potential continuation of the asset’s fall from the 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 3145 area. From where we should again expect an upward rebound in prices and continued growth of the Ethereum rate with a potential target above the 3425 level.
Ethereum Forecast and Analysis for August 2, 2024
An additional signal in favor of the growth of 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 3025 level. This will indicate a breakout of the support area and a continuation of the fall of ETH/USD quotes to the 2515 level. With a breakout of the resistance area and closing of quotes above the 3365 mark, which will indicate a breakout of the upper border of the descending channel.
Ethereum Forecast and Analysis for August 2, 2024 suggests an attempt at correction and a test of the support area near the 3145 level. Where should we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the 3425 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 3025 area. Which will indicate a continuation of the decline of the digital currency with a potential target below the 2515 level.
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