ETH/USD are traded at 242.51 and continue to move as part of the correction and the formation of the «Triangle» model. Cryptocurrency capitalization Ethereum at the time of the publication of the forecast is $27 196 004 366. Moving averages indicate the presence of a short-term sideways trend in Ethereum. Prices have broken the area between the signal lines up, which indicates pressure from buyers and a potential continuation of the rise in the asset value. At the moment, we should expect an attempt to increase the value of the coin and test the resistance level near the area of 245.05. 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 198.05.
Ethereum Forecast and ETH/USD Analysis July 22, 2020
An additional signal in favor of a fall in ETH/USD quotes will be a test of the downward trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the «Triangle» pattern. Cancellation of the option of falling cryptocurrency will be a strong growth and a breakdown of the level of 255.05. This will indicate a breakdown of the upper border of the channel and continued growth of ETH/USD quotes above the level of 265.05. With the breakdown of the support area and closing of quotations below the level of 220.05, we should expect confirmation of the development of a fall in Ethereum.
Ethereum Forecast and ETH/USD Analysis July 22, 2020 suggests an attempt to correct and test the resistance area near the level of 245.05. Where can we expect a rebound and the continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 198.05. 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 of 255.05. This will indicate continued growth with a potential target above the level of 265.05.
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