Cryptocurrency Ethereum (ETH/USD) is trading at 1651. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Ethereum. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator bands.
Ethereum (ETH/USD) forecast and analysis on August 5, 2022
As part of the Ethereum rate forecast, a test of the level of 1570 is expected. Where should we expect an attempt to continue the growth of ETH/USD and further development of the upward trend. The target of this movement is the area near the level of 1860. The conservative area for buying Ethereum is located near the lower border of the Bollinger Bands indicator bands at the level of 1560.
Cancellation of the option to continue the growth of the Ethereum rate will be a breakdown of the area of the lower border of the Bollinger Bands indicator bands. As well as a moving average with a period of 55 and the closing of the pair’s quotes below the 1510 area. This will indicate a change in the current trend in favor of a bearish for ETH/USD. In the event of a breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of the cryptocurrency.
Ethereum (ETH/USD) forecast and analysis on August 5, 2022 implies a test level of 1570. Further growth is expected to continue to the area above the level of 1860. The conservative buy area is located near the area of 1560. The breakdown of the level of 1510 will be the cancellation of the cryptocurrency growth option. In this case, we should expect continuation fall.