ETH/USD are trading at the level of 2971 and continue to move as part of the development of the correction and the formation of the “Triangle” pattern. 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 3075 area. From where we can again expect a rebound in prices and a continuation of the fall in the Ethereum rate with a potential target below the level of 2535.
Ethereum Forecast and Analysis for July 9, 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 Triangle pattern. Cancellation of the cryptocurrency fall option will be a strong increase in the value of Ethereum and a breakdown of the level of 3335. This will indicate a breakdown of the resistance area and continued growth of ETH/USD quotes to the level of 3945. With a breakdown of the support area and closing of quotes below the level of 2705, which will indicate a breakdown of the lower boundary of the model “Triangle” and the beginning of working out the pattern with targets below.
Ethereum Forecast and Analysis for July 9, 2024 assumes an attempt at correction and a test of the resistance area near the level of 3075. Where can we expect a rebound and a continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 2535. 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 3335. This will indicate continued growth of the digital currency with a potential target above the level of 3945.
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