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Ethereum (ETHUSD) Price Forecast Update – 09-07-2024

Ethereum (ETHUSD) Price Analysis

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Expected Scenario

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Ethereum price (ETHUSD) has started the day with positive trades, aiming to test the key resistance at $3,080.00. This level represents the neckline of a double bottom pattern visible on the chart. A successful breach above this resistance could propel Ethereum to surpass the $3,132.80 resistance line, opening the path for intraday gains towards $3,360.31.

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However, technical indicators are currently signaling potential negativity, which might lead to a price decline. This suggests a cautious approach, maintaining neutrality until Ethereum either confirms a break above the resistance or breaches the $2,905.30 support. Breaking below this support would likely prompt Ethereum to resume its main bearish trend, targeting downside objectives around $2,623.80.

Expected Trading Range

  • Support: $2,900.00
  • Resistance: $3,200.00

Trend Forecast: Neutral

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