Ethereum are trading at 595.95 and continue to move as part of the correction and the formation of the “Triangle” pattern. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $ 67,795,723,500. 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 growth of the asset value from the current levels. At the moment, we should expect an attempt to correct the value of the coin and test the support level near the area of 585.95. Where can we expect a rebound again and a continued rise in the Ethereum rate with a potential target above the level of 695.05.
Ethereum Forecast and ETH/USD Analysis December 8, 2020
An additional signal in favor of raising the 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 lower border of the “Triangle” pattern. Cancellation of the option for the growth of cryptocurrency will be a fall and a breakdown of the level of 555.05. This will indicate a breakdown of the support area and a continuation of the fall in ETH/USD quotes below the level of 495.05. With the breakdown of the resistance area and closing of quotations above the level of 635.05, we should expect confirmation of the development of the rise in Ethereum, which will indicate a breakdown of the upper border of the “Triangle” model.
Ethereum Forecast and ETH/USD Analysis December 8, 2020 implies an attempt to correct and test the support area near the level of 585.95. Where can we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the level of 695.05. 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 the breakdown of the 555.05 area. This will indicate a continued fall with a potential target below the level of 505.05.
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