Ethereum ETH/USD is traded at the level of 576. The cryptocurrency is traded below the lower boundary of the Ichimoku Kinko Hyo Cloud, which indicates the presence of a bearish trend in Ethereum. A 550 level test is expected, from which one should expect a rebound and an attempt to reverse the current trend and start the growth of ETH/USD with a target above the level of 675.
Ethereum forecast & analysis ETH/USD June 1, 2018
An additional signal in favor of the growth of the cryptocurrency will be the test of the support area, as well as the formation of the «Head and Shoulders» reversal model. Earlier, a weak signal was received for buy of the Ethereum cryptocurrency, due to the crossing of the signal lines at the level of 570.
Cancellation of the variant of the growth of the Ethereum cryptocurrency will be a breakdown of the area 510, which will indicate the cancellation of the reversal model «Head and Shoulders» and the continued fall of the crypto currency. To expect confirmation of the growth of quotations ETH/USD stands with the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud and the closing above the level of 600.
In favor of growth is also the formation of an inverted «Head and Shoulders» model on the daily chart of the cryptocurrency. In case of breakdown of the «Neckline» and closing above the level of 800, it is necessary to wait for confirmation of the completion of the bearish trend and the resumption of the bullish trend. The target of growth in this case can be the area above the level of 1500.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
