ETH/USD are trading at 3344 and continue to move as part of the development of growth and have left the limits of the downward channel. Moving averages indicate a short-term downward trend for Ethereum. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers and a potential continuation of growth in the value of the asset from current levels. At the moment, we can expect an attempt to develop a bearish correction in the value of the coin and a test of the support level near the area of 3235. From where we can again expect a rebound in prices and continued growth of the Ethereum rate with a potential target above the level of 3805.
Ethereum Forecast and Analysis for July 16, 2024
An additional signal in favor of growth in ETH/USD quotes will be a test of the support 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 growth option will be a fall in the value of Ethereum and a breakdown of the level of 2775. This will indicate a breakdown of the support area and a continued fall of ETH/USD quotes to the level of 2165. With a breakdown of the resistance area and closing of quotes above the level of 3505.
Ethereum Forecast and Analysis for July 16, 2024 assumes an attempt at correction and a test of the support area near the level of 3235. Where can we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the level of 3805. An additional signal in favor of Ethereum growth will be a test of the trend line on the indicator relative strength. Cancellation of the option to raise the digital currency will be a breakdown of the 2775 area. This will indicate a continued decline in the digital currency with a potential target below the level of 2165.
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