ETH/USD are trading at 3068 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 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 a decline in the value of the coin and a test of the support level near the 2805 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 3735.
Ethereum Forecast for May 8, 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 support area. Cancellation of the option to raise the cryptocurrency will be a fall in the value of Ethereum and a breakdown of the level of 2535. This will indicate a breakdown of the support area and a continued decline in ETH/USD quotes to the level of 1985. 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 8, 2024 assumes an attempt at correction and a test of the support area near the level of 2805. Where can we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the level of 3735. 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 2535 area. This will indicate a continued fall of the digital currency with a potential target below the level of 1985.
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