Ethereum are trading at the level of 1835 and continue to move as part of the correction and the formation of the “Triangle” model. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $221,063,069,219. Moving averages indicate the presence of a short-term bullish trend for Ethereum. Prices have broken through the area between the signal lines down, which indicates pressure from sellers and a potential continuation of the fall in the value of the asset already from current levels. At the moment, we should expect an attempt to develop a decrease in the value of the coin and a test of the support level near the area of 1785. From where we should again expect a rebound upwards and a continuation of the growth of the Ethereum rate with a potential target above 2265.
Ethereum Forecast for May 11, 2023
An additional signal in favor of the growth of 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 lower border of the “Triangle” pattern. Cancellation of the cryptocurrency rise option will be the fall of Ethereum and the breakdown of the level of 1675. This will indicate a breakdown of the support area and the continuation of the fall of ETH/USD quotes below the level of 1485. With the breakdown of the resistance area and the closing of quotes above the level of 2045, which will indicate a breakdown of the upper border of the “Triangle” model and start working out the pattern with targets at the top.
Ethereum Forecast for May 11, 2023 suggests an attempt to correct and test the support area near the level of 1785. Where should we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the level of 2265. 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 digital currency growth option will be a breakdown of the 1675 area, which will indicate a continued decline in the digital currency with a potential target below the level of 1485.
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