ETH/USD are trading at 3540 and continue to move as part of the development of a correction and a bearish channel. Moving averages indicate a short-term downward trend for Ethereum. 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 correction in the value of the coin and a test of the support level near the 3315 area. From where we can again expect a rebound in prices and continued growth in the Ethereum rate with a potential target above the level of 3985.
Ethereum Forecast for March 22, 2024
An additional signal in favor of growth in ETH/USD quotes will be a test of the support 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 rise option will be a fall in the value of Ethereum and a breakdown of the level of 2905. This will indicate a breakdown of the support area and a continued fall of ETH/USD quotes below the level of 2405. With a breakdown of the resistance area and the closing of quotes above the level of 3725, which will indicate a breakdown of the upper limit of the reversal pattern “Head and Shoulders” and the beginning of working out the pattern with targets at the top.
Ethereum Forecast for March 22, 2024 assumes an attempt at correction and a test of the support area near the level of 3315. Where can we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the level of 3985. An additional signal in favor of the rise of Ethereum will be a test of the trend line on the relative strength indicator. Cancellation of the growth option for the digital currency will be a breakdown of the 2905 area. This will indicate a continued decline in the digital currency with a potential target below the level of 2405.
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