ETH/USD are trading at 238.47 and continue to move as part of the bullish correction and the formation of the «Triangle» model. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $26 646 902 631. Moving averages indicate the presence of a short-term bullish trend for Ethereum. Prices are testing the area between the signal lines, which indicates pressure from buyers and the potential continuation of the rise. At the moment, we should expect an attempt to increase the value of the coin and test the resistance level near the area of 243.05. Where again we should expect a rebound and the continuation of the Ethereum rate drop with a potential target below 220.55.
Ethereum Forecast and ETH/USD Analysis July 16, 2020
An additional signal in favor of falling ETH/USD quotes will be a test of a downward trend line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the «Triangle» model. Cancellation of the option of falling cryptocurrency will be a strong growth and the breakdown of the level of 245.05. This will indicate a breakdown of the upper boundary of the channel and continued growth of ETH/USD quotes above 265.05. With the breakdown of the support area and closing of quotes below the level of 225.05, we should expect confirmation of the development of a fall in Ethereum.
Ethereum Forecast and ETH/USD Analysis July 16, 2020 implies an attempt to correct and test the resistance area near the level of 243.05. Where can we expect a rebound and the continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 220.55. An additional signal in favor of reducing Ethereum will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling digital currency will be a breakdown of the area of 245.05. Which will indicate continued growth with a potential target above 265.05.
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