Ethereum ETH/USD is traded at 687. The cryptocurrency is traded below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a bearish trend in Ethereum. Ichimoku Kinko Hyo signal line area test is near the 800 level, from which we expect a rebound and an attempt to continue the fall of the crypto currency with a target at 490. An additional signal in favor of the drop of the cryptocurrency will be a test of the resistance level, as well as a test of the upper boundary of the bearish channel.
Ethereum forecast & analysis ETH/USD on February 6, 2018
Earlier, we received a weak signal for sell of the Ethereum cryptocurrency, due to the intersection of signal lines at level 1100. Cancellation of the Ethereum fall variant will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations above the area of 1050, which indicates a change in the bearish trend in favor of the bullish trend. Expect the acceleration of the drop in quotations ETH/USD stands with the breakdown of the lower boundary of the channel and the closing below the level of 610.
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