Ethereum are trading at 2711.35 and continue to move as part of the rise and the bullish channel. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $315,925,292,745. Moving averages indicate a short-term bullish trend for Ethereum. Prices went up from the area between the signal lines, which indicates pressure from buyers and a potential continuation of the asset’s price growth from the current levels. At the moment, we should expect an attempt to develop a correction in the value of the coin and a test of the support level near the area of 2535.05. Where can we expect a rebound again and continued growth in the Ethereum rate with a potential target above the level of 3175.05.
Ethereum Forecast and ETH/USD Analysis August 5, 2021
An additional signal in favor of the growth of ETH/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the level of 2255.05. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes below the level of 1745.05. With the breakdown of the resistance area and closing of quotations above the level of 2875.00, we should expect confirmation of the development of the bullish movement in Ethereum.
Ethereum Forecast and ETH/USD Analysis August 5, 2021 implies an attempt to correct and test the support area near the level of 2535.05. Where can we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the level of 3175.05. An additional signal in favor of the rise of Ethereum will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for the digital currency will be a breakdown of the 2255.05 area. This will indicate a continued fall in the digital currency with a potential target below the level of 1745.05.
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