Ethereum are trading at the level of 1817 and continue to move within the correction and the bullish channel. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $218,823,205,668. 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 an increase in the value of the coin and a test of the resistance level near the 1855 area. From where we should again expect a rebound down and a continued fall in the Ethereum rate with a potential target below 1545.
Ethereum Forecast for May 18, 2023
An additional signal in favor of the decline 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 descending channel. Cancellation of the cryptocurrency fall option will be a strong growth of Ethereum and a breakdown of the level of 1955. This will indicate a breakdown of the resistance area and continued growth of ETH/USD quotes above the level of 2235. With a breakdown of the support area and closing of quotes below the level of 1725, which will indicate a breakdown of the lower border of the bullish channel.
Ethereum Forecast for May 18, 2023 suggests an attempt to correct and test the resistance area near the level of 1855. Where should we expect a rebound and a continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 1545. An additional signal in favor of Ethereum decline will be a test of the trend line on the relative strength indicator. Cancellation of the option of falling digital currency will be a breakdown of the 1955 area, which will indicate a continued rise in the digital currency with a potential target above the level of 2235.
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