The ETH/USD quotes are trading at the level of 1640 and continue to move as part of the correction and the formation of the “Triangle” model. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $206,212,981,354. 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 1685. 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 1425.
Ethereum Forecast for August 31, 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 “Triangle” model. Cancellation of the cryptocurrency fall option will be a strong increase in the cost of Ethereum and a breakdown of the level of 1765. This will indicate a breakdown of the resistance area and continued growth of ETH/USD quotes above the level of 1965. With a breakdown of the support area and closing of quotes below the level of 1565, which will indicate a breakdown of the lower boundary of the model “Triangle” and the beginning of working out the pattern with targets at the bottom.
Ethereum Forecast for August 31, 2023 suggests an attempt to correct and test the resistance area near the level of 1685. Where should we expect a rebound and a continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 1425. 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 1765. Which will indicate the continued growth of the digital currency with a potential target above the level of 1965.
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