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HomeLatestEthereum Price (ETHUSD) Retests Breached Resistance - July 2, 2024
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Ethereum Price (ETHUSD) Retests Breached Resistance – July 2, 2024

Ethereum (ETHUSD) Price Analysis:

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Ethereum price (ETHUSD) is currently retesting the breached resistance level of a bearish channel visible on the chart. Notably, stochastic indicators have shown clear gains in positive momentum, bolstering the likelihood of a continuation in positive trading momentum aimed towards our primary anticipated target of 3,641.82$.

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The bullish trend remains our favored scenario for the upcoming period, contingent upon Ethereum maintaining its position above the key support level at 3,360.31$. A breach below this support could subject the price to corrective bearish pressure, potentially targeting initial support around 3,132.80$.

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Expected Trading Range:

Today’s expected trading range for Ethereum (ETHUSD) is between support at 3,360.00$ and resistance at 3,580.00$.

Trend Forecast: Bullish

In summary, Ethereum’s price forecast indicates a bullish outlook supported by technical indicators and the retest of a breached resistance level within the bearish channel. Traders are advised to monitor price movements closely around the identified support and resistance levels to navigate potential market fluctuations effectively.

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