The ETH/USD quotes are trading at 1652 and continue to move as part of a correction after an aggressive fall and a bearish channel. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $199,121,500,168. Moving averages indicate the presence of a short-term bearish trend for Ethereum. Prices have broken through the area between the signal lines down, which indicates pressure from sellers and a potential continuation of the fall in the value of the asset already from current levels. At the moment, we should expect an attempt to develop a rise in the value of the coin and a test of the resistance level near the 1675 area. From where we should again expect a rebound in prices and a continued fall in the Ethereum rate with a potential target below the level of 1405.
Ethereum Forecast for August 24, 2023
An additional signal in favor of falling 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 bearish channel. Cancellation of the cryptocurrency fall option will be a strong increase in the cost of Ethereum and a breakdown of the level of 1795. This will indicate a breakdown of the resistance area and continued growth of ETH/USD quotes above the level of 1985. With a breakdown of the support area and closing of quotes below the level of 1615.
Ethereum Forecast for August 24, 2023 suggests an attempt to correct and test the resistance area near the level of 1675. Where should we expect a rebound and a continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 1405. An additional signal in favor of Ethereum’s 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 1795 area, which will indicate the continued growth of the digital currency with a potential target above the level of 1985.
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