Ethereum ETH/USD ends the trading week at 1870 and continues to move within the correction and bullish channel. Moving averages indicate the presence of a bullish trend for ETH/USD. Prices have broken through the area between the signal lines up, which indicates pressure from cryptocurrency buyers and a potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop a price decrease and a test of the support level near the area of 1835. From where we should again expect a rebound upwards and continued growth in the rate and cost of Ethereum with a potential target above the level of 2565.
Ethereum Weekly Forecast July 31 — August 4, 2023
An additional signal in favor of the growth of ETH/USD quotes in the current trading week July 31 — August 4, 2023 will be a test of the bullish support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option of growth in the value of the cryptocurrency in the current trading week will be a fall and a breakdown of the level of 1475. 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 1235. Confirmation of the growth of the Ethereum cryptocurrency will be a breakdown of the resistance area and closing of quotes above the level of 2265 , which will indicate a breakdown of the upper border of the bullish channel, and this is a signal to increase the width of the channel.
Ethereum Weekly Forecast July 31 — August 4, 2023 suggests an attempt to develop growth and test the support area near the level of 1835. Where should we expect a rebound upwards and continued growth of the cryptocurrency to the area above the level of 2565. An additional signal in favor of the rise in the Ethereum rate will be a test of the line trend on the relative strength indicator. Cancellation of the growth option will be a fall and a breakdown of the area of 1475. In this case, we should expect a continuation of the decline with a target below the area of 1235.
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