ETH/USD are trading at 2458 and continue to move within the framework of the development of growth and a bearish channel. Moving averages indicate 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 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 2665 area. From where we should again expect a downward rebound in prices and a continuation of the fall in the Ethereum rate with a potential target below the 1845 level.
Ethereum Forecast and Analysis for August 7, 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 bearish channel. A strong increase in the value of Ethereum and a breakout of the 2955 level will cancel the option of a fall in the cryptocurrency. This will indicate a breakout of the resistance area and a continuation of the rise in ETH/USD quotes to the 3205 level. With a breakout of the support area and closing of quotes below the 2245 mark, which will indicate a breakout of the lower border of the bullish correction channel.
Ethereum Forecast and Analysis for August 7, 2024 suggests an attempt at correction and a test of the resistance area near the level of 2665. Where should we expect a rebound and continued fall of the ETH/USD cryptocurrency to the area below the level of 1845. 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 option of the fall of the digital currency will be a breakout of the 2955 area. Which will indicate a continuation of the rise of the digital currency with a potential target above the level of 3205.
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