Ethereum price (ETHUSD) crawls downwards – Forecast today - 08-05-2024

Ethereum Price (ETHUSD)

Performance Analysis and Outlook for the Next Sessions

Expected Scenario

• Expected decline towards testing 2905.30$ mainly
• Breaking this level will extend the bearish wave to reach 2800.00$ followed by 2623.80$ areas

Ethereum price (ETHUSD) fluctuates with calm negativity to gradually crawl towards our waited negative target at 2905.30$, waiting for more decline in the upcoming sessions, noting that breaking this level will extend the bearish wave to reach 2800.00$ followed by 2623.80$ areas as next negative stations.

The EMA50 keeps supporting the suggested bearish wave, which will remain valid unless breaching 3132.80$ and holding above it.

Expected Trading Range

1. Support: 2900.00$
2. Resistance: 3100.00$

Trend Forecast: Bearish