The ETH/USD quotes are trading at 1622 and continue to move as part of the development of a correction and a downward channel. The capitalization of the Ethereum cryptocurrency at the time of publication of the forecast is $193,532,617,778. Moving averages indicate a short-term bearish trend for Ether. Prices are again testing the area between the signal lines, 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 rise in the value of the coin and a test of the resistance level near the 1675 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 1365.
Ethereum Forecast for September 29, 2023
An additional signal in favor of a fall 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 upper border of the downward channel. Cancellation of the cryptocurrency fall option will be a strong increase in the value of Ethereum and a breakdown of the level of 1715. This will indicate a breakdown of the resistance area and continued growth of ETH/USD quotes above the level of 2145. With a breakdown of the support area and closing of quotes below the level of 1485.
Ethereum Forecast for September 29, 2023 suggests an attempt at correction and a test of the resistance area near the level of 1675. Where can we expect a rebound and a continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 1365. 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 1715 area. This will indicate continued growth of the digital currency with a potential target above the level of 2145.
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