ETH/USD are trading at 238.47 and continue to move as part of the fall and the beginning of the development of the «Triangle» model. Ethereum cryptocurrency capitalization at the time of the publication of the forecast is $26 022 770 009. Moving averages indicate the presence of a short-term sideways trend in Ethereum. Prices broke the area between the signal lines downward, which indicates pressure from sellers and a potential continuation of the fall in the value of the asset. At the moment, we should expect an attempt to increase the value of the coin and test the resistance level near the area of 234.55. 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 215.05.
Ethereum Forecast and ETH/USD Analysis July 17, 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 lower boundary of the «Triangle» model. Cancellation of the option of falling cryptocurrency will be a strong growth and a breakdown of the level of 243.55. This will indicate a breakdown of the upper border of the channel and continued growth of ETH/USD quotes above the level of 260.55. With the breakdown of the support area and closing of quotations 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 17, 2020 suggests an attempt to correct and test the resistance area near the level of 234.55. Where can we expect a rebound and the continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 215.05. 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 243.55. This will indicate continued growth with a potential target above the level of 260.55.
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