Ethereum are trading at 1564.26 and continue to move as part of the correction and the formation of the ”Head and Shoulders” reversal pattern. The capitalization of Ethereum at the time of the publication of the forecast is $181,859,333,138. Moving averages indicate a short-term bearish trend for Ethereum. Prices are retesting the area between signal lines, which indicates pressure from sellers and a potential continuation of the fall in the value of the asset already from the current levels.At the moment, we should expect an attempt to develop a downward correction in the value of the coin and a test of the support level near the 1415.05 area. with a potential target above the level of 1920.05.
Ethereum Forecast and ETH/USD Analysis March 3, 2021
An additional signal in favor of the growth of ETH/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ”Head and Shoulders” reversal pattern. Cancellation of the option of raising the cryptocurrency will be a fall and a breakdown of the level of 1285.05. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes below the level of 1045.55. With the breakdown of the resistance area and closing of quotations above the level of 1725.55, we should expect confirmation of the development of the upward movement in Ethereum and the beginning of the development of the “Head and Shoulders” reversal pattern.
Ethereum Forecast and ETH/USD Analysis March 3, 2021 implies an attempt to correct and test the support area near the level of 1415.05. Where can we expect a rebound and a continued rise in the ETH/USD cryptocurrency to the area below the level of 1920.05. An additional signal in favor of the growth of Ethereum will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for the digital currency will be the breakdown of the 1285.05 area. This will indicate a continued decline in the digital currency with a potential target below the level of 1045.55.
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