Ethereum ETH/USD ends the trading week at 1668 and continues to move as part of the development of a strong bullish correction and a downward channel. The moving averages indicate a bearish trend for ETH/USD. Prices are again testing the area between the signal lines, which indicates pressure from cryptocurrency sellers and a potential continuation of the fall from current levels. At the moment, we should expect an attempt to develop a price increase and test the resistance level near the 1875 area. From where we should again expect a rebound down and a continuation of the fall in the exchange rate and the cost of Ethereum with a potential target below the level of 285.
Ethereum Weekly Forecast August 1 — 5, 2022
An additional signal in favor of falling ETH/USD quotes in the current trading week August 1 — 5, 2022 will be a trend resistance test 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 of falling cryptocurrency prices in the current trading week will be a strong growth and a breakdown of the level of 2475. This will indicate a breakdown of the resistance area and a continued rise in ETH/USD quotes with a potential target above the level of 2965. The fall of the Ethereum cryptocurrency will be confirmed by a breakdown of the support area and closing of quotes below the level 1155.
Ethereum Weekly Forecast August 1 — 5, 2022 suggests an attempt to decrease and test the resistance area near the level of 1875. Where should we expect a rebound and the cryptocurrency will continue to fall to the area below the level of 285. An additional signal in favor of Ethereum’s depreciation will be a test of the trend line on the indicator relative strength. Cancellation of the fall option will be a strong growth and a breakdown of the area of 2475. In this case, we should expect continued growth with a target above the area of 2965.
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