Ethereum ETH/USD ends the trading week at the level of 2469 and continues to move as part of the growth and formation of the “Head and Shoulders” reversal pattern. Moving averages indicate a bullish trend for ETH/USD. Prices have broken through the area between the signal lines upward, which indicates pressure from cryptocurrency buyers and potential continued growth from current levels. At the moment, we should expect an attempt to develop price growth and a test of the resistance level near the 2555 area. From where we can again expect a downward rebound and a continuation of the fall in the rate and value of Ethereum with a potential target below the level of 1645.
Ethereum Forecast February 12 — 16, 2024
An additional signal in favor of a decrease in ETH/USD quotes in the current trading week of February 12 — 16, 2024 will be a test of the resistance line on the relative strength index. The second signal will be a rebound from the upper boundary of the “Head and Shoulders” reversal pattern. Cancellation of the option to increase the value of the cryptocurrency in the current trading week will be a fall and a breakdown of the level of 1735. This will indicate a breakdown of the resistance area and continued growth of ETH/USD quotes with a potential target above the level of 2805. Confirmation of the fall of the Ethereum cryptocurrency will be a breakdown of the support area and closing of quotes below the level of 2075, which will indicate a breakdown of the lower boundary of the “Head and Shoulders” reversal pattern and the beginning of a pattern with targets below.
Ethereum Forecast February 12 — 16, 2024 assumes an attempt to develop a correction and test the resistance area near the level of 2555. Where can we expect a rebound downwards and a continuation of the fall of the cryptocurrency to the area below the level of 1645. An additional signal in favor of a fall in the Ethereum rate will be a test of the trend line on the relative strength indicator. Cancellation of the downward option will be a strong growth and a breakdown of the area of 1735. In this case, we should expect a continuation of the rise with a target above the area of 2805.
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