ETH/USD are trading at the level of 3847 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 3765 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 4365.
Ethereum Forecast for June 7, 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 3635. This will indicate a breakdown of the support area and a continuation of the fall of ETH/USD quotes to the level of 3085. With a breakdown of the resistance area and the closing of quotes above the level of 3975, 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 7, 2024 assumes an attempt at correction and a test of the support area near the level of 3765. Where can we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the level of 4365. 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 3635. This will indicate a continued fall of the digital currency with a potential target below the level of 3085.
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