Ethereum are trading at the level of 2765 and continue to move as part of the correction and the formation of the “Wedge” reversal pattern. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $330,056,814,679. Moving averages indicate a short-term bearish trend for Ethereum. Prices are again testing the area between the signal lines, 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 bullish correction in the value of the coin and a test of the resistance level near the area of 2835. From where we should again expect a rebound down and a continuation of the fall in the Ethereum rate with a potential target below 1765.
Ethereum Forecast and Analysis February 3, 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 upper border of the descending channel. Cancellation of the cryptocurrency fall option will be a strong growth and a breakdown of the level of 3265. This will indicate a breakdown of the resistance area and continued growth of ETH/USD quotes above the level of 4055. With the breakdown of the support area and closing of quotes below the level of 2205, we should expect confirmation of the development of a bearish movement in Ethereum and the start of mining “Wedge” models.
Ethereum Forecast and Analysis February 3, 2022 suggests an attempt to correct and test the resistance area near the level of 2835. Where should we expect a rebound and a continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 1765. An additional signal in favor of the Ethereum decline will be a test of the trend line on the relative strength indicator. Cancellation of the option to reduce the digital currency will be a breakdown of the area of 3265. Which will indicate a continued rise in the digital currency with a potential target above the level of 4055.
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