Ethereum ETH/USD ends the trading week at 231.76 and continues to move as part of the correction and the downward channel. Moving averages indicate a bullish trend for ETH/USD. Prices are bouncing off the area between the signal lines, which indicates pressure from cryptocurrency buyers and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to grow and test the resistance level near the area of 250.05. Where can we expect a rebound again and a continued decline in the rate and value of Ethereum with a potential target below the level of 125.05.
Ethereum Forecast and Analysis July 20 — 24, 2020
An additional signal in favor of reducing the ETH/USD quotes in the current trading week July 20 — 24, 2020 will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option of falling cryptocurrency value in the current trading week will be strong growth and a breakdown of the level of 265.05. This will indicate a breakdown of the resistance area and continued growth of ETH/USD quotes with a potential target above the level of 335.00. Confirmation of the fall of the Ethereum cryptocurrency will be a breakdown of the support area and closing of quotations below the level of 195.55.
Ethereum Forecast and Analysis July 20 — 24, 2020 implies an attempt to test the resistance area near the level of 250.05. Where can we expect a rebound and the continuation of the fall of the cryptocurrency to the area below the level of 125.05. An additional signal in favor of a decline in the Ethereum rate will be a test of the resistance line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 265.05 area. In this case, we should expect a continuation of the rise with the target above the area of 335.00.