ETH/USD are trading at 3191 and continue to move as part of the development of the correction and the formation of the “Wedge” reversal pattern. Moving averages indicate a short-term bearish trend for Ether. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers and a potential continuation of the fall in the value of the asset from current levels. At the moment, we can expect an attempt to develop an increase in the value of the coin and a test of the resistance level near the area of 3245. From where we can again expect a rebound in prices and a continuation of the fall in the Ethereum rate with a potential target below the level of 2675.
Ethereum Forecast for April 30, 2024
An additional signal in favor of a fall in ETH/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the bearish channel. Cancellation of the cryptocurrency fall option will be a strong increase in the value of Ethereum and a breakdown of the level of 2745. This will indicate a breakdown of the support area and a continued decline in ETH/USD quotes to the level of 3405. With a breakdown of the support area and closing of quotes below the level of 3795, which will indicate a breakdown of the lower boundary of the reversal the “Wedge” model and the beginning of working out the pattern with targets below.
Ethereum Forecast for April 30, 2024 suggests an attempt at correction and a test of the resistance area near the level of 3245. Where can we expect a rebound and a continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 2675. An additional signal in favor of a decline in Ethereum will be a test of the trend line on the relative strength indicator. Cancellation of the option for the digital currency to fall will be a breakdown of the 3405 area. This will indicate continued growth of the digital currency with a potential target above the level of 3795.
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