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Ethereum Price (ETH/USD) Hits Extended Target – Forecast for July 5, 2024

Ethereum (ETH/USD) Price Analysis

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Expected Scenario

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Ethereum price (ETH/USD) has declined sharply at today’s open, reaching our extended target of $2905.30. The ongoing negative pressure suggests that the price may surpass this level, leading to further losses down to $2623.80.

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Supporting Factors

We anticipate a continued decline on both the intraday and short-term basis. However, if the price consolidates above $2905.30, it might prompt a recovery attempt, with potential gains starting by revisiting the $3132.80 area.

Expected Trading Range

Today’s anticipated trading range for Ethereum is between the $2750.00 support level and the $3050.00 resistance level.

Trend Forecast

The trend forecast for Ethereum remains bearish.

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