Ethereum are trading at 1905.30 and continue to move within the fall and the downtrend channel. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $222,262,407,531. Moving averages indicate a short-term bearish trend for Ethereum. Prices went down from the area between the signal lines, which indicates pressure from sellers and a potential continuation of the rise in the asset value from the current levels. At the moment, we should expect an attempt to develop the growth of the coin’s value and test the resistance level near the area of 2005.05. Where can we expect a rebound again and the continuation of the fall in the Ethereum rate with a potential target below the level of 1605.00.
Ethereum Forecast and ETH/USD Analysis July 16, 2021
An additional signal in favor of reducing 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 upper border of the descending channel. Cancellation of the option of falling cryptocurrency will be a strong growth and a breakdown of the level of 2205.05. This will indicate a breakdown of the resistance area and continued growth of ETH/USD quotes above the level of 2535.05. With the breakdown of the support area and closing of quotations below the level of 1795.05, we should expect confirmation of the development of a downward movement in Ethereum.
Ethereum Forecast and ETH/USD Analysis July 16, 2021 implies an attempt to correct and test the resistance area near the level of 2005.05. Where can we expect a rebound and the continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 1605.00. An additional signal in favor of a decline in 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 2205.05. This will indicate continued growth in the digital currency with a potential target above the level of 2535.05.
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