ETH/USD are trading at 3119 and continue to move as part of the development of a bullish correction and a downward channel. Moving averages indicate a short-term downward 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 fall in the value of the asset from current levels. At the moment, we can expect an attempt to develop a bullish correction in the value of the coin and a test of the resistance level near the 3225 area. From where we can again expect a downward rebound in prices and a continuation of the fall in the Ethereum rate with a potential target below the level of 2605.
Ethereum Forecast and Analysis for July 12, 2024
An additional signal in favor of a decrease in ETH/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the downward channel. Cancellation of the cryptocurrency fall option will be a strong increase in the value of Ethereum and a breakdown of the level of 3445. This will indicate a breakdown of the resistance area and continued growth of ETH/USD quotes to the level of 3985. With a breakdown of the support area and closing of quotes below the level of 2945.
Ethereum Forecast and Analysis for July 12, 2024 assumes an attempt at correction and a test of the resistance area near the level of 3225. Where can we expect a rebound and a continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 2605. An additional signal in favor of a decline in Ethereum will be a test of the trend line on the indicator relative strength. Cancellation of the option for the digital currency to fall will be a breakdown of the area of 3445. This will indicate continued growth of the digital currency with a potential target above the level of 3985.
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