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Ethereum Price (ETHUSD) Reaches the Target – Forecast for Today, July 4, 2024

Ethereum (ETHUSD) Price Analysis

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Expected Scenario

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Ethereum price (ETHUSD) has started today’s trading session with significant negative movements, achieving the awaited target at $3,132.80. The price remains under continuous downward pressure influenced by the EMA50, supporting further decline within the bearish channel visible on the chart. This reinforces the likelihood of breaking below the mentioned level and potentially reaching additional downside targets starting at $3,040.00 and extending to $2,905.30.

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Therefore, our outlook maintains a bearish trend for the upcoming period, unless there is a rally that successfully breaches resistance levels at $3,360.31 and $3,400.00, and holds above them.

Expected Trading Range

Support: $3,100.00

Resistance: $3,360.00

Trend Forecast: Bearish

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