Ethereum Forecast and ETH/USD Analysis May 8, 2020

ETH/USD are trading at 204.33 and continue to move as part of the growth and the formation of the inverted «Head and Shoulders» model. Ethereum cryptocurrency capitalization at the time of the publication of the forecast is $22 779 422 242. Moving averages indicate the presence of a short-term bullish trend for Ethereum. Prices are testing the area between the signal lines up, which indicates pressure from buyers. At the moment, we should expect an attempt to correct the value of the coin and test the support level near the area of ​​197.75. Where again we should expect a rebound and the continuation of the rise in the Ethereum rate with a potential target above the level of 235.05.

Ethereum Forecast and ETH/USD Analysis May 8, 2020

An additional signal in favor of the growth of ETH/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be the completion of the formation of the depraved model «Head and Shoulders». Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the level of 180.05. This will indicate a breakdown of the lower boundary of the rising channel and the continuation of the fall of ETH/USD quotes below 135.05. With the breakdown of the resistance area and the closing of quotations above the level of 216.55, we should expect confirmation of the development of growth for Ethereum.

Ethereum Forecast and ETH/USD Analysis May 8, 2020 implies an attempt to correct and test the support area near the level of 197.75. Where can we expect a rebound and continued growth of the ETH/USD cryptocurrency in the region above the level of 235.05. An additional signal in favor of the rise in Ethereum will be a test of the trend line on the relative strength index (RSI). The cancellation of the digital currency growth option will be a breakdown of the 180.05 area. That will indicate a continued decline with a potential target below the level of 135.05.

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