ETH/USD are trading at 2455 and continue to move within the development of the fall and bearish 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 fall in the asset value from the current levels. At the moment, we should expect an attempt to develop a bullish correction in the coin value and a test of the resistance level near the 2565 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 1675 level.
Ethereum Forecast and Analysis for August 9, 2024
An additional signal in favor of the fall of 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. The cancellation of the cryptocurrency fall option will be a strong increase in the Ethereum value and a breakout of the 2995 level. This will indicate a breakout of the resistance area and a continuation of the rise in ETH/USD quotes to the 3295 level. With a breakout of the support area and closing of quotes below the 2205 mark.
Ethereum Forecast and Analysis for August 9, 2024 suggests an attempt at correction and a test of the resistance area near the 2565 level. Where should we expect a rebound and a continuation of the fall of the ETH/USD cryptocurrency to the area below the 1675 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 2995 area. Which will indicate a continuation of the rise in the digital currency with a potential target above the 3295 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
