ETH/USD are trading at 399.12 and continue to move as part of the growth and formation of the «Triangle» model. Cryptocurrency capitalization Ethereum at the time of the publication of the forecast is $44 862 000 338. Moving averages indicate a short-term bullish trend for Ethereum. Prices pushed up from the area between the signal lines, which indicates pressure from buyers and a potential continuation of the rise in the value of the asset. At the moment, we should expect an attempt to correct the value of the coin and test the support level near the 395.65 area. Where can we expect a rebound again and continued growth in the Ethereum rate with a potential target above the level of 445.55.
Ethereum Forecast and ETH/USD Analysis August 7, 2020
An additional signal in favor of the growth of the ETH/USD quotes will be a test of the rising trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the option for the growth of cryptocurrency will be a fall and a breakdown of the level of 375.05. This will indicate a breakdown of the lower border of the «Triangle» model and a continued fall in ETH/USD quotes below the level of 335.05. With the breakdown of the resistance area and closing of quotations above the level of 415.05, we should expect confirmation of the development of growth in Ethereum.
Ethereum Forecast and ETH/USD Analysis August 7, 2020 suggests an attempt to correct and test the support area near the level of 395.65. Where can we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the level of 445.55. 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 375.05 area. This will indicate a continued fall with a potential target below the level of 335.05.
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