ETH/USD are trading at the level of 3811 and continue to move as part of the development of the correction and the formation of the “Triangle” pattern. Moving averages indicate a short-term bullish trend for Ether. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers and a potential continuation of growth in the value of the asset from current levels. At the moment, we can expect an attempt to develop a bearish correction in the value of the coin and a test of the support level near the 3755 area. From where we can again expect a rebound in prices and continued growth in the Ethereum rate with a potential target above the level of 4005.
Ethereum Forecast for June 6, 2024
An additional signal in favor of an increase in ETH/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the Triangle pattern. Cancellation of the cryptocurrency growth option will be a fall in the value of Ethereum and a breakdown of the level of 3615. This will indicate a breakdown of the support area and a continuation of the fall of ETH/USD quotes to the level of 3135. With a breakdown of the resistance area and the closing of quotes above the level of 3965, which will indicate a breakdown of the upper boundary of the model ” Triangle” and the beginning of working out the pattern with targets at the top.
Ethereum Forecast for June 6, 2024 assumes an attempt at correction and a test of the support area near the level of 3755. Where can we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the level of 4005. An additional signal in favor of the rise of Ethereum will be a test of the trend line on the relative strength indicator. Cancellation of the growth option for the digital currency will be a breakdown of the area of 3615. This will indicate a continued fall of the digital currency with a potential target below the level of 3135.
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