Ethereum price analysis and forecast (Monday, August 6th): A short-lived tick-up is in forecast

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Ethereum (ETH) price will rally and reach  the key level of $430, then will fluctuate in the range between $420 and $430 before its next move manifests

In chart H1, it is possible for the Double Bottom pattern to be constructed within the Ethereum price chart. The ETH price has climbed up from the second bottom, which is higher a little more than the first bottom, and currently is attempting to reach the neckline. Thanks to Bollinger Band, we can see that the possible second bottom has been shaped after the ETH price failed to cross above the middle band and as a consequence the cryptocurrency slid down. Yet, the cryptocurrency price still closed above the lower trend line, confirming the establishment of the pattern. Therefore, we expect that the cryptocurrency price will rally and reach  the key level of $430, then will fluctuate in the range between $420 and $430 before its next move manifests.

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Written by nami.today

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