ETH/USD are trading at 3324 and continue to move within the framework of the development of growth and a bullish channel. Moving averages indicate a short-term bearish trend for Ether. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers and potential continued growth in the asset’s value from current levels. At the moment, we should expect an attempt to develop a bearish correction in the coin’s value and a test of the support level near the 3215 area. From where we should again expect an upward price rebound and continued growth in the Ethereum rate with a potential target above the 4010 level.
Ethereum Forecast and Analysis for July 31, 2024
An additional signal in favor of the growth of ETH/USD quotes will be a test of the support 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 rise option will be a fall in the value of Ethereum and a breakout of the 3045 level. This will indicate a breakout of the support area and a continuation of the fall in ETH/USD quotes to the 2565 level. With a breakout of the resistance area and closing of quotes above the 3450 mark, which will indicate a breakout of the upper border of the descending correction channel.
Ethereum Forecast and Analysis for July 31, 2024 suggests an attempt at correction and a test of the support area near the level of 3215. Where should we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the level of 4010. An additional signal in favor of the growth of Ethereum will be a test of the trend line on the relative strength indicator. The cancellation of the option for the rise of the digital currency will be a breakdown of the 3045 area. Which will indicate a continued decline in the digital currency with a potential target below the level of 2565.
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