ETH/USD quotes are trading at 2323 and continue to move as part of the development of the correction and have left the bullish channel. Moving averages indicate a short-term bearish trend for Ether. Prices have broken through the area between the signal lines downwards, which indicates pressure from buyers and a potential continuation of growth in the value of the asset from current levels. At the moment, we can expect an attempt to develop a bullish correction in the value of the coin and a test of the resistance level near the 2385 area. From where we can again expect a downward rebound in prices and a continuation of the fall in the Ethereum rate with a potential target below the level of 1945.
Ethereum Forecast for February 7, 2024
An additional signal in favor of a fall 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 lower border of the bullish channel. Cancellation of the cryptocurrency fall option will be a strong increase in the value of Ethereum and a breakdown of the level of 2535. This will indicate a breakdown of the resistance area and continued growth of ETH/USD quotes above the level of 2695. With a breakdown of the support area and closing of quotes below the level of 2155.
Ethereum Forecast for February 7, 2024 suggests an attempt at correction and a test of the resistance area near the level of 2385. Where can we expect a rebound and a continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 1945. An additional signal in favor of a fall in Ethereum will be a test of the trend line on the relative strength indicator. Cancellation of the option to reduce the digital currency will be a breakdown of the 2535 area. This will indicate continued growth of the digital currency with a potential target above the level of 2695.
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