Ethereum are trading at 1857 and continue to move as part of the correction and the completion of the formation of the “Expanding Triangle” pattern. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $225,129,930,142. Moving averages indicate the presence of a short-term bullish trend for Ethereum. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers and a potential continued growth in the value of the asset already from current levels. At the moment, we should expect an attempt to develop a decrease in the value of the coin and a test of the resistance level near the 1875 area. From where we should again expect a rebound down and a continuation of the fall in the Ethereum rate with a potential target below 1365.
Ethereum Forecast for April 6, 2023
An additional signal in favor of the decline in ETH/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the ”Expanding Triangle” reversal pattern. Cancellation of the cryptocurrency fall option will be a strong growth of Ethereum and a breakdown of the level of 2035. This will indicate a breakdown of the resistance area and continued growth of ETH/USD quotes above the level of 2465. With a breakdown of the support area and closing of quotes below the level of 1605, which will indicate a breakdown of the lower boundary of the reversal pattern ” Double top” and the beginning of working out the pattern with targets at the bottom.
Ethereum Forecast for April 6, 2023 suggests an attempt to correct and test the resistance area near the level of 1875. Where should we expect a rebound and a continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 1365. An additional signal in favor of Ethereum decline will be a test of the trend line on the relative strength indicator. Cancellation of the option of falling digital currency will be a breakdown of the area of 2035. Which will indicate the continued growth of the digital currency with a potential target above the level of 2465.
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