ETH/USD are trading at 3193 and continue to move as part of the development of a correction and a downward channel. Moving averages indicate a short-term bearish trend for Ether. Prices are again testing the area between the signal lines, 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 a decline in the value of the coin and a test of the support level near the 2975 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 3725.
Ethereum Forecast for May 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 upper border of the bearish channel. Cancellation of the option to raise the cryptocurrency will be a fall in the value of Ethereum and a breakdown of the level of 2685. This will indicate a breakdown of the support area and a continued decline in ETH/USD quotes to the level of 2025. With the breakdown of the resistance area and the closing of quotes above the level of 3525, we should expect confirmation of a rise in cryptocurrency quotes.
Ethereum Forecast for May 7, 2024 assumes an attempt at correction and a test of the support area near the level of 2975. Where can we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the level of 3725. 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 digital currency growth option will be a breakdown of the 2685 area. This will indicate a continued fall of the digital currency with a potential target below the 2025 level.
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