Ethereum are trading at 1561.12 and continue to move as part of the correction and the formation of an inverted “Head and Shoulders” reversal pattern. Ethereum cryptocurrency capitalization at the time of the publication of the forecast is $179,993,989,389. Moving averages indicate a short-term bearish trend in Ethereum. Prices are again pushing the area between the signal lines, which indicates pressure from buyers and a potential continuation of the growth of the asset value 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 1405.05 area. Ethereum with a potential target above 2045.05.
Ethereum Forecast and ETH/USD Analysis March 5, 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 to raise the cryptocurrency will be a fall and a breakdown of the level of 1255.05. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes below the level of 1005.55. With the breakdown of the resistance area and closing of quotations above the level of 1735.55, 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 5, 2021 implies an attempt to correct and test the support area near the level of 1405.05. Where can we expect a rebound and a continued rise in the ETH/USD cryptocurrency to the area below the level of 2045.05. 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 a breakdown of the 1255.05 area. This will indicate a continued decline in the digital currency with a potential target below the level of 1005.55.
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