ETH/USD quotes are trading at 2238 and continue to move as part of the development of the correction and bearish 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 sellers and a potential continuation of the fall 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 2255 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 1835.
Ethereum Forecast for January 31, 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 upper border of the bearish channel. Cancellation of the cryptocurrency fall option will be a strong increase in the value of Ethereum and a breakdown of the level of 2435. This will indicate a breakdown of the resistance area and continued growth of ETH/USD quotes above the level of 2685. With a breakdown of the support area and closing of quotes below the level of 2105.
Ethereum Forecast for January 31, 2024 assumes an attempt at correction and a test of the resistance area near the level of 2255. Where can we expect a rebound and a continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 1835. 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 2435 area. This will indicate continued growth of the digital currency with a potential target above the level of 2685.
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