The ETH/USD quotes are trading at the level of 1,725 and continue to move within a downtrend and a descending channel. The market capitalization of the Ethereum cryptocurrency at the time of this forecast publication is $206,021,391,845. The moving averages indicate the presence of a short-term bearish trend for Ether. Prices have broken through the area between the signal lines to the downside, indicating selling pressure and the potential continuation of the asset’s decline from current levels. Currently, we should expect an attempt to develop an upward movement in the price of the coin and test the resistance level near the area of 1,790. From there, we can expect a rebound downwards and a continuation of the Ethereum exchange rate’s decline with a potential target below 1,455.
Ethereum Forecast for June 21, 2023
An additional signal in favor of a decrease in ETH/USD quotes would be a test of the resistance line on the Relative Strength Index indicator. A second signal would be a rebound from the upper boundary of the bearish channel. The scenario of the cryptocurrency’s decline would be invalidated by a strong increase in the value of Ethereum and a breakthrough of the 1,845 level. This would indicate a breakout of the resistance area and the continuation of the ETH/USD quotes’ rise above the 2,035 level. Confirmation of the price decline would be a breakthrough of the support area and the price closing below the 1,635 level.
Ethereum Forecast for June 21, 2023 suggests an attempt to correct and test the resistance area near the 1,790 level. From there, we can expect a rebound and a continuation of the decline in the ETH/USD cryptocurrency towards a target below the 1,455 level. An additional signal in favor of a decrease in Ethereum would be a test of the trend line on the Relative Strength Index indicator. The scenario of the digital currency’s decline would be invalidated by a breakthrough of the 1,845 area, indicating a continuation of the cryptocurrency’s rise with a potential target above the 2,035 level.
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