ETH/USD are trading at 2571 and continue to move within the framework of the development of the correction and the descending channel. Moving averages indicate a short-term bearish trend for Ethereum. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers and a potential continuation of the asset’s value decline from current levels. At the moment, we should expect an attempt to develop the coin’s growth and a test of the resistance level near the 2925 area. From where we should again expect a downward price rebound and a continuation of the Ethereum rate decline with a potential target below the 1605 level.
Ethereum Forecast and Analysis for February 4, 2025
An additional signal in favor of a fall in ETH/USD quotes will be a test of the resistance line on the relative strength indicator. The second signal will be a rebound from the upper border of the bearish channel. The cancellation of the cryptocurrency fall option will be a strong increase in the Ethereum value and a breakout of the 3195 level. This will indicate a breakout of the resistance area and continued growth of ETH/USD quotes to the level of 3565. With a breakout of the support area and closing of quotes below the 2175 mark, which will indicate a breakout of the lower border of the bearish channel, and this is a signal for a fall by the width of the channel.
Ethereum Forecast and Analysis for February 4, 2025 suggests an attempt at a bullish correction and a test of the resistance area near the 2925 level. Where should we expect a rebound and continued fall of the ETH/USD cryptocurrency to the area below the 1605 level. An additional signal in favor of a decline in Ethereum will be a test of the trend line on the relative strength indicator. The cancellation of the digital currency fall option will be a breakout of the 3195 area. Which will indicate continued growth of the digital currency with a potential target above the 3565 level.
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