Ethereum ETH/USD ends the trading week at 3036 and continues to move within the correction and bullish channel. Moving averages indicate a bullish trend for ETH/USD. Prices are again testing the area between the signal lines upward, which indicates pressure from cryptocurrency buyers and a potential continuation of growth from current levels. At the moment, we can expect an attempt to develop a price decline and a test of the support level near the 2895 area. From where we can again expect a rebound upward and continued growth in the rate and value of Ethereum with a potential target above the level of 4565.
Ethereum Forecast May 20 — 24, 2024
An additional signal in favor of growth in ETH/USD quotes in the current trading week of May 20 — 24, 2024 will be a test of the support line on the relative strength index. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to increase the value of the cryptocurrency in the current trading week will be a fall and a breakdown of the level of 2475. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes with a potential target below the level of 2135. Confirmation of the growth of the Ethereum cryptocurrency will be a breakdown of the resistance area and closing of quotes above the level of 3375, which will indicate a breakdown of the upper boundary of the bearish correction channel.
Ethereum Forecast May 20 — 24, 2024 assumes an attempt to develop a correction and test the support area near the level of 2895. From where we can expect a rebound upward and continued growth of the cryptocurrency to the area above the level of 4565. An additional signal in favor of an increase in the Ethereum rate will be a test of the trend line on the relative strength indicator. Cancellation of the downward option will be a strong growth and a breakdown of the area of 2475. In this case, we should expect a continuation of the rise with a target above the area of 2135.
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