Ethereum price analysis and forecast (Friday, August 10): A bullish correction is in the forecast

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ETH price is likely to retrace to the key level of $351 before bouncing back to the strong support line of $366 and even the higher level of around $400

In chart H1, the Ethereum price is moving in a bearish channel and it seems like a flag pattern has been constructed after a steep and sharp downtrend, indicating that the diminishing bear strength. Besides, the cryptocurrency price failed to rise 5% from the neckline level of $361, which resulted in the failure of Double Bottom formation. However, along with the weaker bearish momentum and the solid lower line of the bearish channel, we anticipate that the Ethereum price will retrace to the key level of $351 before bouncing back to the strong support line of $366. If the cryptocurrency price can successfully cross above the neckline and the above-mentioned support line, it is possible for the Triple Bottom pattern to be established and the ETH price to experience a rocket to the level of around $400.

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Written by nami.today

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