Ethereum are trading at the level of 1822 and continue to move within the framework of the correction and the bearish channel. The capitalization of the Ethereum cryptocurrency at the time of publication of the forecast is $224,598,756,515. Moving averages indicate the presence of a short-term bullish trend in Ether. Prices are again testing the area between the signal lines, which indicates pressure from sellers and a potential continuation of the decline in the asset’s value from current levels. At the moment, we should expect a demand for the development of a decrease in the price of the coin and a test of the support level near the area of 1875. From here again, we should expect a downward bounce and a continuation of the drop in the Ethereum rate with a potential target below 1635.
Ethereum Forecast for May 16, 2023
An additional signal in favor of a decrease in ETH/USD quotes will be a test of the support line on the relative strength indicator. The second signal will be a bounce from the upper border of the descending channel. A strong growth of Ethereum and a breakdown of the level of 1965 will cancel the option of the fall of the cryptocurrency. This will indicate a breakdown of the resistance area and the continuation of the growth of the ETH/USD quotes above the level of 2265. With a breakdown of the support area and the closing of the quotes below the level of 1755.
Ethereum Forecast for May 16, 2023 suggests a demand for correction and a test of the resistance area near the level of 1875. From where should we expect a rebound and continued fall of the cryptocurrency ETH/USD to the area below the level of 1635. An additional signal in favor of the decline of Ethereum will be a test of the trend line on the relative strength indicator. The cancellation of the option of the fall of the digital currency will be a breakdown of the 1965 region. That will indicate the continuation of the rise of the digital currency with a potential goal of the level of 2265.
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