Ethereum Forecast and Analysis for August 29, 2024


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ETH/USD are trading at 2521 and continue to move within the framework of the development of the fall and the descending 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 bullish correction in the coin’s value and a test of the resistance level near the 2555 area. From where we should again expect a downward price rebound and a continuation of the fall in the Ethereum rate with a potential target below the 1985 level.

Ethereum Forecast and Analysis for August 29, 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 upper border of the descending channel. The cancellation of the cryptocurrency fall option will be a strong increase in the Ethereum value and a breakout of the 2865 level. This will indicate a breakout of the resistance area and a continuation of the rise in ETH/USD quotes to the 3475 level. With a breakout of the support area and closing of quotes below the 2265 mark.

Ethereum Forecast and Analysis for August 29, 2024

Ethereum Forecast and Analysis for August 29, 2024 suggests an attempt at correction and a test of the resistance area near the 2555 level. Where should we expect a rebound and a continuation of the fall of the ETH/USD cryptocurrency to the area below the 1985 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 2865 area. Which will indicate a continuation of the rise of the digital currency with a potential target above the 3475 level.


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