ETH/USD are trading at 3099 and continue to move within the framework of the development of the correction and the formation of the “Wedge” reversal pattern. Moving averages indicate a short-term bearish trend for Ethereum. Prices are testing the area between the signal lines, which indicates pressure from sellers and a potential continuation of the asset’s fall from current levels. At the moment, we should expect an attempt to develop a decline in the coin and a test of the support level near the 3105 area. From where we should again expect an upward price rebound and continued growth of the Ethereum rate with a potential target above the 3835 level.
Ethereum Forecast and Analysis for January 31, 2025
An additional signal in favor of the growth of ETH/USD quotes will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the cryptocurrency growth option will be a fall in the value of Ethereum and a breakout of the 2905 level. This will indicate a breakout of the support area and a continuation of the fall of ETH/USD quotes to the 2465 level. With a breakout of the resistance area and closing of quotes above the 3405 mark, which will indicate a breakout of the upper border of the “Wedge” pattern and the beginning of the implementation of the pattern with targets at the top.
Ethereum Forecast and Analysis for January 31, 2025 suggests an attempt at a bullish correction and a test of the support area near the level of 3105. Where should we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the level of 3835. An additional signal in favor of the rise of Ethereum will be a test of the trend line on the relative strength indicator. The cancellation of the growth option for the digital currency will be a breakdown of the 2905 area. Which will indicate a continued fall of the digital currency with a potential target below the level of 2465.
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