ETH/USD are trading at 230.27 and continue to move as part of the correction and the downward channel. Ethereum cryptocurrency capitalization at the time of the publication of the forecast is $25 590 391 792. Moving averages indicate the presence of a short-term bullish trend for Ethereum. Prices are testing the area between the signal lines, which indicates pressure from the sellers, however, the potential for a rebound top is still there. At the moment, we should expect an attempt to drop the value of the coin and test the support level near the area of 220.05. Where again we should expect a rebound and continued growth of the Ethereum rate with a potential target above the level of 290.05.
Ethereum Forecast and ETH/USD Analysis March 6, 2020
An additional signal in favor of raising the ETH/USD quotes will be a test of the broken trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the level of 195.05. This will indicate a breakdown of the lower boundary of the rising channel and the continuation of the fall of ETH/USD quotes below the level of 145.05. With the breakdown of the resistance area and the closing of quotations above the level of 255.05, we should expect confirmation of the development of growth for Ethereum.
Ethereum Forecast and ETH/USD Analysis March 6, 2020 implies an attempt to correct and test the support area near the level of 220.05. Where can we expect a rebound and continued growth of the ETH/USD cryptocurrency in the region above the level of 290.05. 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 option of raising a digital currency will be a breakdown of the area of 195.05. Which will indicate a continued decline with a potential target below the level of 145.05.
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