Ethereum are trading at the level of 1955 and continue to move within the correction and the downward channel. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $231,044,591,050. 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 fall in the value of the coin and a test of the support level near the area of 1865. From where we should again expect a rebound upwards and a continuation of the growth of the Ethereum rate with a potential target above 2545.
Ethereum Forecast and Analysis June 3, 2022
An additional signal in favor of the rise in ETH/USD quotes will be a test of the resistance line on the relative strength index (RSI), which was broken up. The second signal will be a rebound from the lower border of the “Head and Shoulders” reversal line. Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the level of 1605. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes below the level of 1235. With a breakdown of the resistance area and closing of quotes above the level of 2185, we should expect confirmation of the development of a bullish movement in Ethereum, which will indicate the completion of the formation of the “Head and Shoulders” reversal pattern.
Ethereum Forecast and Analysis June 3, 2022 suggests an attempt to correct and test the support area near the level of 1865. Where should we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the level of 2545. An additional signal in favor of the rise of Ethereum will be a test of the trend line on the relative strength indicator. Cancellation of the growth option for the digital currency will be a breakdown of the 1605 area, which will indicate the continued fall of the digital currency with a potential target below the level of 1235.
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