The ETH/USD quotes are trading at 1646 and continue to move within the correction and the bearish channel. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $198,345,208,557. 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 area of 1695. 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 1345.
Ethereum Forecast for August 29, 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 1815. This will indicate a breakdown of the resistance area and continued growth of ETH/USD quotes above the level of 1995. With a breakdown of the support area and closing of quotes below the level of 1565.
Ethereum Forecast for August 29, 2023 suggests an attempt to correct and test the resistance area near the level of 1695. Where should we expect a rebound and a continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 1345. An additional signal in favor of the 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 1815 area, which will indicate the continued growth of the digital currency with a potential target above the level of 1995.
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