ETH/USD are trading at 2905 and continue to move as part of the development of a correction and a downward channel. Moving averages indicate a short-term bearish trend for Ether. 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 an increase in the value of the coin and a test of the resistance level near the 3025 area. From where we can again expect a rebound in prices and a continuation of the fall in the Ethereum rate with a potential target below the level of 2285.
Ethereum Forecast for May 17, 2024
An additional signal in favor of a decrease in ETH/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the resistance area. Cancellation of the cryptocurrency fall option will be a strong increase in the value of Ethereum and a breakdown of the level of 3365. This will indicate a breakdown of the resistance area and continued growth of ETH/USD quotes to the level of 3725. With a breakdown of the support area and closing of quotes below the level of 2775.
Ethereum Forecast for May 17, 2024 suggests an attempt at correction and a test of the resistance area near the level of 3025. Where can we expect a rebound and a continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 2285. An additional signal in favor of a decline in Ethereum will be a test of the trend line on the relative strength indicator. Cancellation of the option for the digital currency to fall will be a breakdown of the 3365 area. This will indicate continued growth of the digital currency with a potential target above the level of 3725.
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