Ethereum ETH/USD ends the trading week at 3253 and continues to move within the correction and bullish channel. Moving averages indicate a bullish trend for ETH/USD. Prices are again testing the area between the signal lines, which indicates pressure from cryptocurrency buyers and potential continued growth from current levels. At the moment, we should expect an attempt to develop a price decline and a test of the support level near the 2985 area. From where we should again expect an upward rebound and continued growth of the rate and cost of Ethereum with a potential target above the level of 4485.
Ethereum Forecast and Analysis July 29 — August 2, 2024
An additional signal in favor of a decrease in ETH/USD quotes in the current trading week of July 29 — August 2, 2024 will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the option of a decrease in the value of the cryptocurrency in the current trading week will be a strong growth and a breakout of the level of 2675. This will indicate a breakout of the resistance area and continued growth of ETH / USD quotes with a potential target above the level of 2235. The growth of the Ethereum cryptocurrency will be confirmed by a breakout of the resistance area and closing of quotes above the level of 3705.
Ethereum Forecast and Analysis July 29 — August 2, 2024 suggests an attempt to develop a bearish correction and test the support area near the level of 2985. From where we should expect an upward rebound and continued growth of the cryptocurrency to the area above the level of 4485. An additional signal in favor of the rise in the Ethereum rate will be a test of the trend line on the relative strength indicator. The cancellation of the growth option will be a fall and a breakout of the 2675 area. In this case, we should expect a continuation of the decline with a target below the 2235 area.
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