The ETH/USD quotes are trading around 1780 and continue to move within a strong bullish correction and a descending channel. The market capitalization of Ethereum cryptocurrency at the time of forecast publication amounts to $214,358,907,804. The moving averages indicate the presence of a short-term bearish trend for Ether. Prices are once again testing the area between the signal lines, indicating pressure from sellers and a potential continuation of the asset’s price decline from current levels. Currently, we can expect an attempt to develop an upward movement in the coin’s value and a test of the resistance level near the 1805 area, followed by a likely downward rebound and further decline in the Ethereum price with a potential target below 1495.
Ethereum Forecast for June 22, 2023
An additional signal in favor of the ETH/USD quotes’ decline will be a test of the resistance line on the relative strength indicator. The second signal will be a rebound from the upper boundary of the bearish channel. The cancellation of the cryptocurrency’s decline scenario would occur with a significant increase in the value of Ethereum and a breakthrough above the 1885 level. This would indicate a breakthrough of the resistance area and a continuation of the ETH/USD quotes’ rise above the 2175 level. The scenario of the cryptocurrency’s decline will be confirmed with a breakthrough of the support area and the closing of quotes below the 1725 level.
Ethereum Forecast for June 22, 2023 suggests an attempt at correction and a test of the resistance area near the 1805 level, followed by an expected rebound and a continuation of the decline in the ETH/USD cryptocurrency towards the area below the 1495 level. An additional signal in favor of Ethereum’s decline will be a test of the trend line on the relative strength indicator. The cancellation of the digital currency’s decline scenario will occur with a breakthrough above the 1885 area, indicating a continuation of the digital currency’s rise with a potential target above the 2175 level.
