Ethereum price analysis and forecast (Monday, July 30th): Should we expect for sparkles on cryptocurrency market this week?

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It is probable for the Ethereum price to slide down to the confluence zone level of $448 to finish the chain of gloomy bearish days since May

ETH price, Ethereum price, ETH price analysis, Ethereum price analysis, Ethereum price forecast, ETH price forecast, USD, major cryptocurrencies, top 10 cryptocurrenciesETHUSD H1 30072018

In chart H1, the Ethereum price is moving within the 4th Contracting Triangle Elliott wave pattern, in which a Descending Triangle pattern has been established. The cryptocurrency price has touched each side of the pattern twice, confirming the formation of the pattern. We expect that the cryptocurrency price will soon escape the pattern after retracing to the lower trend line of $461, besides, the breakout direction draws much of our attention.

ETH price, Ethereum price, ETH price analysis, Ethereum price analysis, Ethereum price forecast, ETH price forecast, USD, major cryptocurrencies, top 10 cryptocurrenciesETHUSD D1 30072018

When the cryptocurrency price can fully accomplish the current 4th Contracting Triangle Impulsive Elliott wave, it will son jump in the period of a decreasing elliott wave numbered 5. A close scrutiny upon chart D1 shows that it is probable for the Ethereum price to slide down to the confluence zone level of $448 (the intersection between trend line and support line) so as to finish the chain of gloomy bearish days since May, because the cryptocurrency price is forecasted to start the long-term Elliott Impulsive Wave, which is awaited by various traders.

Written by nami.today

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