Ethereum are trading at 1564 and continue to move as part of the fall and the bullish channel. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $193,694,478,872. Moving averages indicate a short-term bullish trend for Ethereum. Prices have broken through the area between the signal lines down, which indicates pressure from sellers and a potential continuation of the fall in the value of the asset already from current levels. At the moment, we should expect an attempt to develop a rise in the value of the coin and a test of the resistance level near the area of 1705. From where we should again expect a rebound down and a continuation of the fall in the Ethereum rate with a potential target below 1045.
Ethereum Forecast and Analysis August 23, 2022
An additional signal in favor of the decline in ETH/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the cryptocurrency decline option will be a strong growth and a breakdown of the level of 1925. This will indicate a breakdown of the resistance area and a continued rise in ETH/USD quotes above the level of 2175. With a breakdown of the support area and closing of quotes below the level of 1485, which will indicate a breakdown of the next bullish channel.
Ethereum Forecast and Analysis August 23, 2022 suggests an attempt to correct and test the resistance area near the level of 1705. Where should we expect a rebound and a continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 1045. An additional signal in favor of Ethereum decline will be a test of the trend line on the relative strength indicator. Cancellation of the option of falling digital currency will be a breakdown of the 1925 area, which will indicate the continued growth of the digital currency with a potential target above the level of 2175.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link